Crypto market records USD3T due to Trump’s victory
Date
11/21/2024 1:05:52 AM
(MENAFN) Cryptocurrency markets remain their bullish trend after President-elect Donald Trump’s victory during the November elections. His positive comments about cryptocurrencies made Bitcoin increase to more than USD93,000.
Bitcoin was trading under USD70,000 ahead of the elections, but it rose following Trump’s victory, with many altcoins also following suit. The overall market capitalization of cryptocurrencies surged over USD3 trillion.
Reports that Trump Media and Technology Group is in discussions to acquire the cryptocurrency platform Bakkt have heightened market enthusiasm, especially with Trump's private meeting with Coinbase CEO Brian Armstrong. There is growing speculation that a pro-crypto candidate could be nominated to the US Securities and Exchange Commission (SEC).
At the same time, Bitcoin ETF options started trading on Tuesday on the Nasdaq, with nearly USD2 billion in ratio on its initial day. Spot Bitcoin ETFs, agreed previously this year, have participated to the developing institutional interest.
The Crypto Fear and Greed Index, which measures investor sentiment, hit 90 out of 100 on Tuesday, signaling “extreme greed.”
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