Mumbai: In the rise in cryptocurrency that started after the appointment of Donald Trump as the President of America, the major crypto Bitcoin has come back from where it showed a level of $ 93,000 in the last twenty-four hours. Bitcoin was seen above $93,445 in the last twenty-four hours. However, other cryptos saw mixed inflows.
With Donald Trump’s Republican Party getting majority in the US House of Representatives, the way for comprehensive legislation related to cryptocurrency has also been cleared.
Expectations of further interest rate cuts by the US Federal Reserve have also provided support to crypto trading. US inflation data on Wednesday came in as expected, raising the possibility of further interest rate cuts.
Markets are also weighing whether and how quickly the Trump administration will bring in regulations regarding cryptocurrencies. The total market cap of cryptocurrencies increased to $3.15 trillion.
Late in the evening the price of Bitcoin was said to be $90,659. While Ethereum fell to $3159. Dogecoin continued its recovery with the support of controversial Elon Musk. Dogecoin was trading at $0.39 late in the evening, with a low of $0.36 and a high of $0.43.
