Bitcoin Surges Amidst Boost in Donald Trump’s Favorability in US Presidential Race
Bitcoin Hits $62,796 After 4.82% Rise in 24 Hours as Trump’s Favorability Rises
Bitcoin experienced a notable recovery on Monday, reversing a downturn that had plagued the market in recent weeks due to macroeconomic pressures. As of the latest update, Bitcoin is trading at $62,796 (approximately Rs. 52.4 lakh), marking a 4.82 percent increase in the past 24 hours. This bounce back in price reflects a significant turnaround from the recent slump. National exchanges like WazirX are reporting an even higher value, with Bitcoin trading at $66,037 (around Rs. 55 lakh), showing a four percent gain since Sunday.
Ether, too, has joined Bitcoin in its upward trajectory. Currently, Ether is priced at $3,331 (about Rs. 2.78 lakh) on international exchanges, which represents a 4.11 percent increase over the last day. On national platforms, the value of Ether stands at $3,531 (approximately Rs. 2.95 lakh). This rise aligns with the overall positive trend in the cryptocurrency market, contributing to a broader sense of recovery.
The recent shift in Bitcoin’s value is closely linked to political developments in the United States. According to CoinSwitch Markets Desk, an assassination attempt on former President Donald Trump has significantly impacted market sentiment. As Trump’s chances of winning the 2024 presidential election have increased to 70 percent, his pro-crypto stance has injected a renewed sense of optimism into the crypto community. Trump’s support for the protection of individual rights to own cryptocurrency is seen as a positive signal for the market
Additionally, Ethereum has outpaced Bitcoin in weekly gains, surpassing the $3,300 mark. The anticipated approval of spot Ether ETFs later this week is expected to further boost interest and investment in Ethereum. Mudrex CEO Edul Patel highlighted the market’s optimism surrounding these potential developments, which could amplify Ethereum’s recovery.
Overall, the cryptocurrency market appears to be on a rebound, with significant recoveries in both Bitcoin and Ether. As political factors and potential regulatory changes continue to influence market dynamics, investors remain attentive to these developments.
