DBT Bureau
Bengaluru, 12 November 2024
Rally in crypto coins shows no signs of slowing down as election of Donald Trump as the next President of the US has cheered investors in this asset class.
The most prominent crypto coin, bitcoin’s price has neared $90,000 on Tuesday as many believe that Trump administration will be friendly towards crypto assets.
That is the reason that bitcoin has surged nearly 25% since the US election results on November 5.
Notably, indications of Trump supporting the growth of cryptocoins were evident during his election rallies. He had promised that the United States would be the ‘crypto capital of the planet’ once he elected to power.
Apart from recent interest rate cuts by the US Federal Reserve, another significant factor driving the rally in various cryptocoins is the growing interest of institutional investors.
The green signal to Bitcoin ETFs in the US earlier this year has made it easier for institutional investors to pump in capital into Bitcoin legally. With more institutions infusing capital, price of crypto assets has surged in recent months.
ETFs are regulated instruments that enable both individual and institutional investors to take exposure to Bitcoin without the need to manage the asset actively.
