- Bitcoin hits all-time high, with Dogecoin up more than 20%
The results of the presidential election in America have already come. Early trends showed former President Donald Trump ahead of his rival Kamala Harris, and cryptocurrencies are also seeing a surge in anticipation of Trump's arrival. With the aggressive boom in crypto currencies, the prices of several currencies including Bitcoin have increased. While Bitcoin has reached its all-time high, Dogecoin has seen an increase of more than 20 percent.
The price of Bitcoin rose more than 10 percent on Wednesday. At this stage it had crossed 75 thousand dollars and this is its highest price ever. In terms of rupees it is more than 65 lakh rupees. At the same time, Dogecoin, the favorite cryptocurrency of American businessman and world's richest man Elon Musk, rose more than 20% to $0.20 (Rs 17.19). Cryptocurrencies are showing signs of a massive bullish trend again.
Some analysts are predicting that Bitcoin will touch the level of the dollar alone in the near future. Currently, correction is expected to come after one more boom in crypto. Bitcoin will also see more movement following Trump's new policies including immigration in the near future.
What does crypto have to do with Trump? This election season in America has focused on cryptocurrencies. Candidates from both parties are supporting the growth of the crypto sector. Crypto is poised to become a major asset class for investors as more countries such as the UAE and the EU create clearer regulations. However, Trump is considered more supportive of cryptocurrency than Harris. Trump promised a pro-crypto agenda in his election speech. These include creating a national bitcoin reserve, firing US Securities and Exchange Commission (SEC) chairman Gary Gensler, and eliminating taxes on bitcoin transactions. This may be the reason why cryptocurrency prices are starting to rise due to Trump.
Why Elon Musk's Favorite Cryptocurrency Dogecoin Rises in Crypto? Dogecoin is said to be Elon Musk's favorite cryptocurrency. Even in the past he has been showing his interest in Dogecoin from time to time. At one point he also invested heavily in this currency, due to which its prices started touching new heights. Musk has since endorsed Trump in the US election and donated large sums of money to Trump's campaign committee. In such a situation, it is believed that if Trump's government is formed, this favorite currency of Musk can become a rocket.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
