Mumbai: Within a fortnight of Donald Trump’s re-election as President, the price of major crypto has reached close to one lakh dollars. In the last twenty-four hours, Bitcoin has shown a high above $98,000 and needs less than three percent price increase to reach the $100,000 mark.
However, reports received state that Bitcoin has crossed the one million dollar level in futures. In the last twenty-four hours, the spot price of Bitcoin was seen at $98349 and the high was $92958. Till late evening the price was $97853.
At a price level of $100,000, Bitcoin’s market cap will exceed two trillion dollars. Bitcoin has increased by more than 40 percent in the last fifteen days.
Speculators are playing into crypto due to the anticipation of the formation of a pro-crypto government in the US and further cuts in interest rates by the Federal Reserve. Bitcoin’s current rally is, to put it mildly, being promoted as a trump trade by players.
Market sources said prices continued to be supported by expectations that the Trump administration will ease regulations for cryptocurrencies. Cryptocurrencies are also expected to become more legalized under Trump. According to a report received on Deribit options exchange, Bitcoin has crossed the $100,000 mark in futures contracts expiring in March, June and September 2025. Thus, Bitcoin is being quoted at a premium in futures compared to the spot market.
Other cryptos Ethereum, Solana, BNB, XRP had mixed inflows. The global market capitalization of cryptocurrencies crossed $3.23 trillion.
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