Mumbai: As a result of the rally in the cryptocurrency market following the re-election of Donald Trump as the US President, the global market capitalization of crypto currencies has crossed $3 trillion, which is more than the annual gross domestic product (GDP). . According to a research report, this has been said in some countries like Canada, Brazil and Italy.
The total market cap of cryptocurrencies has increased to $3.15 trillion. The past ten days have seen a strong rally in cryptocurrencies led by Bitcoin as Trump favors the crypto market and is expected to cut further interest rates in the US.
Bitcoin showed a level of $93000. The market cap of Bitcoin alone is $1.75 trillion. Apart from this, the market cap of other major crypto Ethereum is $ 384 billion while that of Tether is $ 126 billion.
Compared to the total market cap of cryptocurrencies, some countries have relatively small GDPs. The data shows that Canada’s GDP is $2.21 trillion, while Italy’s is $2.38 trillion and Brazil’s is $2.19 trillion.
On Thursday, Bitcoin reached $93,477 as the price declined due to profit booking on the upside.
Cryptocurrencies were supported by US inflation coming in as expected and the possibility of the Federal Reserve cutting interest rates by 5 percent at next month’s meeting, but Fed Chairman Jerome Powell said in a statement on Thursday that the economy is showing no signs of that. This does not indicate that an interest rate cut is imminent.
Market sources said that after Powell’s statement, expectations of interest rate cuts have weakened.
