Cryptocurrency market reaches USD3 trillion after Trump’s victory in election
Date
11/21/2024 6:43:51 AM
(MENAFN) The cryptocurrency market has maintained its bullish momentum following President-elect Donald Trump’s victory in the November elections, which sparked a surge in Bitcoin's value. Before the elections, Bitcoin was trading below USD70,000, but following Trump’s win and his favorable comments about cryptocurrencies, Bitcoin skyrocketed to over USD93,000. This surge was not limited to Bitcoin; many altcoins also saw significant gains, contributing to a rise in the total market capitalization of cryptocurrencies, which surpassed USD3 trillion.
Market optimism has been further fueled by reports that Trump Media and Technology Group is in discussions to acquire the cryptocurrency platform Bakkt. Additionally, Trump’s private meeting with Coinbase CEO Brian Armstrong has led to expectations that a pro-crypto figure may soon be nominated to the US Securities and Exchange Commission (SEC), adding to the positive outlook for the crypto market.
In a further sign of growing institutional interest, Bitcoin ETF options began trading on the Nasdaq on Tuesday, with a volume of approximately USD2 billion on its first day. The approval of Spot Bitcoin ETFs earlier this year has also played a key role in driving institutional participation in the crypto space.
Investor sentiment in the market is extremely bullish, as indicated by the Crypto Fear and Greed Index, which reached a score of 90 out of 100 on Tuesday, signaling “extreme greed.” This suggests that investors are highly optimistic about the future prospects of cryptocurrencies, particularly Bitcoin.
MENAFN21112024000045015839ID1108910376
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.