Crypto Market in Profit, Bitcoin Price More than USD 92,000, Ether in Red

There is a boom in the crypto market after the victory of Donald Trump in the presidential election in America. Bitcoin, the largest cryptocurrency by market value, was up by more than one percent on Monday. The price of Bitcoin was trading at more than $92,000 on international exchanges like Binance.

The price of Ether, the second largest cryptocurrency, was down by almost one percent at $3,108. The prices of Cardano, Tron, Polkadot, Stellar, Monero and Solana have increased. Cryptocurrencies that declined included Polygon, USD Coin, Litecoin and Tether. In the last one day, the market capitalization of crypto increased by almost one percent to more than $ 3.04 trillion.

A new government led by Trump will take charge in America early next year. The agenda of this government may also include making laws for crypto. However, there is no possibility of imposing strict regulations for this segment. Recently, Jay Clayton, former chairman of the Securities and Exchange Commission (SEC) in the US, said that the new government can make laws to control cryptocurrencies. He said that he is in favor of reducing the regulatory burden which will encourage listing of companies. Clayton said, “I believe that there will be legislation for crypto. If you can deal with some of the problems at the executive or administrative level then it becomes easier to legislate for crypto.”

Under the government of current President Joe Biden, regulators had demanded strict enforcement action against crypto-related firms. However, these regulators ignored the industry’s demand for regulations. However, in the past Trump had also called cryptocurrencies a scam. However, after contesting the elections again for the post of President, he started supporting digital assets. He also promised to make America the crypto capital of the world. Trump had also hinted at not making strict regulations for this segment and creating a reserve of Bitcoin. There are a large number of people investing in the crypto market in America. These investors may also contribute to Trump’s victory.