Bitcoin is Increasing With Possibility of less Regulations, Price Made New High of More than USD 94,000

There is excitement in the crypto market after the victory of Donald Trump in the elections in America. The price of Bitcoin, the largest cryptocurrency in terms of market value, is also increasing. Bitcoin made a new high of $94,078 on Wednesday. The prices of some other cryptocurrencies have also increased.

A Reuters report states that Trump’s social media company is in talks to buy crypto trading firm Bakkt. This has increased the possibility that after the new government takes charge in America early next year, a policy in favor of crypto can be made. Bakkt can be purchased by Truth Social, a unit of Trump’s company Trump Media and Technology Group, by taking full equity. The report of this deal is a major reason for the boom in the crypto market.

During the election campaign, Trump had indicated not to make strict regulations for this segment. There are a large number of people investing in the crypto market in America. These investors are also expected to contribute to Trump’s victory. A new government led by Trump will take charge in America early next year. The agenda of this government may include making laws for crypto.

Institutional investors are also betting in this segment. Enterprise software maker MicroStrategy has a large investment in Bitcoin. This American company had recently purchased bitcoins worth $4.6 billion. Even before this, MicroStrategy had a large reserve of this most popular cryptocurrency. The company’s investors have also supported increasing investment in Bitcoin. This is indicated by the rise in the shares of MicroStrategy. The company’s shares increased by more than 12 percent on Monday. MicroStrategy’s shares have increased by more than 500 percent this year. In comparison, the share price of Microsoft, one of the biggest software companies, has increased by about 11 percent. Trump’s victory in America and crypto-supporting candidates reaching Congress have increased the prices of many cryptocurrencies including Bitcoin. This political change is likely to lead to better regulatory conditions and fewer restrictions for the crypto market.

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