Bitcoin Rallies Above $100,000 Ahead of Donald Trump’s Inauguration-OxBig News Network

Crypto prices are on the rise again, ahead of the inauguration of US President-elect Donald Trump on January 20. On Friday, Bitcoin’s price rose by 2.09 percent on international exchanges to trade at $101,526 (roughly Rs. 87.8 lakh) on global platforms, according CoinMarketCap data. The price of Bitcoin also rose by 1.5 percent on Indian exchanges like CoinSwitch and Giottus, bringing its price to $104,532 (roughly Rs. 90.5 lakh) on these local exchanges. Despite the ongoing bull run, Ether dropped by 1.03 percent on international exchanges to trade at $3,370 (roughly Rs. 2.91 lakh). On Indian exchanges, Ether fell by 0.59 percent to trade $3,483 (roughly Rs. 3.01 lakh).

“Besides, Trump’s administration could also withhold the creation of a central bank digital currency that could further empower Bitcoin. Coinbase recently introduced Bitcoin-backed loans for US customers, which could increase adoption levels. Moreover, the rounds of creating a Bitcoin reserve have escalated as Trump is all set to meet the founders of Solana and XRP for the cause,” the CoinDCX research team told Gadgets 360.

The crypto price tracker by Gadgets 360 showed that values of most cryptocurrencies were up on Friday.

“Ethereum, displays sluggish behaviour while altcoins surge, indicating a major shift in the trader’s sentiments,” the team added.

Ripple, Tether, Solana, Binance Coin, Dogecoin, and USD Coin registered gains alongside Bitcoin.

Tron, Avalanche, Chainlink, Stellar, Shiba Inu, Polkadot, and Litecoin also saw their prices rise on Friday.

Meanwhile, Cardano, Augur, and Circuits of Value registered losses.

“The prospect of monetary easing from the Fed makes BTC and altcoins like XRP surge; thus, the crypto market enters a new phase of transformation. With the widening of institutional participation and innovation that is bound to fuel growth, the crypto ecosystem is in for exponential expansion and a firm placement as one of the pillars of the contemporary economy,” Avinash Shekhar, Co-Founder and CEO, Pi42 told Gadgets 360.

The crypto market cap rose by 2.06 percent in the last 24 hours, and it currently stands at $3.56 trillion (roughly Rs. 3,08,22,831 crore), showed CoinMarketCap.