Strong rise in Bitcoin before Trump becomes President, price exceeds 1 lakh dollars

The crypto market was bullish on Friday before Donald Trump took oath as President of America. Trump will take over as President on January 20. The price of Bitcoin, the largest cryptocurrency in terms of market value, increased by almost two percent to $ 1,01,710.

At the time of publishing this report, the price of Ether, the second largest cryptocurrency, was trading at $ 3,374, up by about 0.08 percent on the international crypto exchange Binance. Other bullish cryptocurrencies included Avalanche, Chainlink, Solana, XRP, BNB, Tron and Litecoin. In the last one day, the market capitalization of crypto increased by more than two percent to about $ 3.58 trillion.

Market analysts say that the new US government may postpone the plan to launch a central bank digital currency. This is likely to strengthen Bitcoin. Apart from this, Trump has also indicated about creating a reserve of Bitcoin. This may increase the demand for this most popular cryptocurrency. Russian companies are using Bitcoin in their business abroad. Russia had changed the law to allow the use of cryptocurrencies to deal with the restrictions of Western countries. Ukraine has started efforts to stop this step of Russia. Standard Chartered, one of the big international banks, predicts that the price of Bitcoin may almost double to two lakh dollars this year. Even before this, Standard Chartered had predicted a rise in Bitcoin.

Recently, Russian President Vladimir Putin had said that the US government is reducing the role of the dollar by using it for political purposes. Because of this many countries are having to turn to other assets. Institutional investors are also showing increasing interest in this segment. Enterprise software maker MicroStrategy purchased large amounts of Bitcoin for the eighth consecutive week in late December. It is the company with the largest holding of Bitcoin. MicroStrategy holds approximately 4,46,000 Bitcoins. This company had said that it can buy Bitcoin by issuing more shares this year.