With the return of the newly elected President of the united states of America, donald trump, to power in the US, the cryptocurrency market has seen a strong surge.
The cryptocurrency market experienced a surge in activity following the return to power of former US President Donald Trump. Among the crypto assets, Bitcoin led the rally, with its price surging close to $80,000 after a rapid increase of $75,000 on Wednesday.
As of Friday, the price of Bitcoin witnessed a 4.3% rise, reaching $79,771 per coin. At 2.05 pm Singapore time, the price hovered around $79,000. Other cryptocurrencies, such as Cardano and Dogecoin, also experienced significant gains, according to Bloomberg.
Trump's victory in the election this week paved the way for the Republican party to regain power in the US. This development coincided with a strong trend in cryptocurrency and digital assets.
Bitcoin outperformed both stocks and gold in terms of returns.
On Thursday, US exchange-traded funds (ETFs) linked to Bitcoin saw a substantial increase in trading activity. Year-to-date, Bitcoin's price had surged by around 90%.
The price of Bitcoin continued to rise due to high demand for ETFs and the US Federal Reserve's persistent key interest rate cuts. It even outpaced the returns of traditional safe-haven investments like stocks and gold.
Bitcoin's price had already begun to soar even before Donald Trump's inauguration at the White House, reaching new all-time highs almost daily.
The prices of cryptocurrencies started to rise in anticipation of Trump's arrival, which was expected to benefit digital assets.
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