second largest cryptocurrency Ether was up by about 6.70 percent. The price of Ether was trading around $2,590 on international exchanges and around $2,680 on Indian exchanges. Apart from this, the prices of Avalanche, Chainlink, Tether, USD Coin, Solana, Binance Coin, Ripple and Cardano have increased. In the last one day, the market capitalization of crypto increased by more than 11 percent to about $ 2.48 trillion.
Ryan Lee, chief analyst at Bitget Research, told Gadgets360, “The market has reacted to Trump’s victory. Bitcoin has made a new high level. However, some apprehensions remain. The market will be bullish on Trump’s policy in favor of crypto. “There could be a lot of momentum.” Sumit Gupta, co-founder of crypto app CoinDCX, said, “Many cryptocurrencies are up by double-digits. This is indicating market strength. Trump’s victory is likely to lead to policy changes in favor of crypto. The market share of institutional investors will increase.
However, Trump had previously called cryptocurrencies a scam. After this, 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 indicated not to make strict regulations for this segment and to create a reserve of Bitcoin. There are a large number of people investing in the crypto market in America. These investors are also expected to contribute to Trump’s victory. In September this year, Trump also started a cryptocurrency business. Trump, his family and associates launched World Liberty Financial. However, more information has been received about this business. Cases of crypto related scams have also increased in the last few years. Making a policy for this segment can also curb scam cases.
