Bitcoin prices trade around $98,608 on Saturday in international exchanges on the euphoria over Donald Trump-led Republican party re -claiming the White House. With total market cap touching over 2 trillion dollars, the oldest crypto currency has witnessed a spike of 51 percent in the past one month.
There is a hope that Donald Trump administration will frame crypto friendly policies when it takes over in January next year for its second term. Besides, the rally got further impetus when BlackRock’s spot Bitcoin ETF options got listed on Nasdaq on Tuesday.
Indian crypto industry insiders are naturally upbeat of this rally. Balaji Srihari, Business Head of CoinSwitch, says, “Bitcoin surged to an all-time high, signalling that the much-anticipated $100,000 milestone could be within reach- many analysts predict that this mark could be achieved as early as the end of November. Since the recent US election, Bitcoin has been consistently setting new records, encouraged by expectations of a more supportive regulatory framework and a potential national Bitcoin reserve; that can legitimize Bitcoin as a government-backed asset. BlackRock’s Bitcoin ETF debuting options trading on Nasdaq is a big sign of increasing crypto adoption.”
Apart from bitcoin, other crypto tokens have witnessed a surge too. XRP, for instance, has surged 188 percent in the past one month, and 37 percent in the past five days alone. Ether trades at $3,354 and BNB trades at $665 on Saturday, reveals the Coinmarketcap data.
Shivam Thakral, CEO of BuyUcoin, says, “In the last 24 hours, Bitcoin reached a record high of $99,000. XRP led the charge with a remarkable 25 percent increase, driven by renewed optimism surrounding a more crypto-friendly regulatory environment in the U.S. It is anticipated that Donald Trump’s win in the election will drive the implementation of crypto-friendly policies, which will in turn enhance market sentiment. As trading volumes rise and hopes for ETF approvals increase, the future looks extremely positive for XRP and the wider cryptocurrency market as we near the end of the year.”
Vishal Sacheendran, Head of Regional Markets at Binance, says “Bitcoin’s rally, fueled in part by the optimism surrounding Donald Trump’s re-election, represents a transformative moment for the crypto and Web3 space. His administration’s support for digital assets could lead to more progressive regulations, fostering an environment conducive to greater institutional and retail investment in the sector. I believe that the broader crypto ecosystem could benefit from policies that promote blockchain infrastructure, provide a better route for financial institutions to engage with crypto.”
Caution needed
Despite all the jump, crypto experts believe that investors should stay cautious and not get too carried away. It is common knowledge that bull runs are often followed by the steep corrections. So, one should be cautious before getting too elated. “Amid the excitement, traders should stay cautious. Big price jumps often lead to sharp corrections, and using too much leverage could amplify risks during volatile periods,” says Srihari from Coinswitch.
“It is also important to note that In a bull market like this, investors should also remain mindful, conduct thorough research, and not make investment decisions solely based on market sentiment or hype,” adds Sacheendran of Binance.
