Synopsis
Bitcoin soared to a new record high, surpassing $76,900, extending its rally in the wake of Donald Trump’s historic U.S. presidential election win and the Federal Reserve’s 25 basis point interest rate cut.
Bitcoin surged to a fresh record high of over $76,900, continuing its rally following Donald Trump’s historic US presidential election victory and the Federal Reserve’s 25 basis point interest rate cut.
The largest cryptocurrency by market value reached $76,943 in early trade on Friday, surpassing its previous high of $76,460. As of 11:46 am IST, Bitcoin was trading 1.9% higher at $76,043, while Ethereum rose 3.5% to $2,922.
The Federal Reserve cut interest rates by a quarter of a percentage point on Thursday as policymakers took note of a job market that has “generally eased” while inflation continues to move towards the US central bank’s 2% target.
Crypto Tracker
TOP COIN SETSDeFi Tracker13.29% BuyBTC 50 :: ETH 5012.47% BuyCrypto Blue Chip – 511.18% BuyWeb3 Tracker7.76% BuyNFT & Metaverse Tracker7.49% BuyTOP COINS (₹) Solana16,701 (5.5%)BuyEthereum244,650 (3.15%)BuyBitcoin6,394,786 (1.22%)BuyBNB50,345 (0.09%)BuyTether84 (0.01%)Buy”Economic activity has continued to expand at a solid pace,” the central bank’s rate-setting Federal Open Market Committee said at the end of a two-day policy meeting where officials lowered the benchmark overnight interest rate to the 4.50%-4.75% range, as widely expected. The decision was unanimous.
Did you Know?
The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors.
View Details »Balaji Srihari, Business Head of CoinSwitch, remarked, “Bitcoin reached a new all-time high following the US election and Trump’s victory, a trend further fueled by the Federal Reserve’s interest rate cuts. Historically, the crypto market has thrived in low-interest environments as investors seek higher returns in alternative assets.”
Stock Trading
Heikin Ashi Trading Tactics: Master the Art of Trading
View Program
Stock Trading
Stock Markets Made Easy
View Program
Stock Trading
Stock Investing Made Easy: Beginner’s Stock Market Investment Course
View Program
Stock Trading
Technical Analysis for Everyone – Technical Analysis Course
View Program
Stock Trading
Markets 102: Mastering Sentiment Indicators for Swing and Positional Trading
View Program
Stock Trading
Dow Theory Made Easy
View Program
Stock Trading
Algo Trading Made Easy
View Program
Stock Trading
Commodity Markets Made Easy: Commodity Trading Course
View Program
Stock Trading
Market 101: An Insight into Trendlines and Momentum
View Program
Stock Trading
A2Z of Stock Trading – Online Stock Trading Course
View Program
Stock Trading
A2Z of Stock Market for Beginners: Stock Market Course For Beginners
View Program
Stock Trading
Options Trading Made Easy: Options Trading Course
View Program
Stock Trading
Technical Analysis Demystified: A Complete Guide to Trading
View Program
Meanwhile, Edul Patel, CEO of Mudrex, added, “Bitcoin’s post-election rally gained momentum, reaching a new high of $76,940 after the Fed’s 25 basis point rate cut. With easing inflation and steady employment figures, BTC’s resistance is now at $77,000, while support remains at $74,600.”
Shivam Thakral, CEO of BuyUcoin, said, “Bitcoin has maintained its strength on the cryptocurrency front, trading above $76,000, as the overall crypto market remains positive. Investors expect more rate cuts in December and possibly into 2025, but President-elect Trump’s economic plans could have an impact on future monetary policy and ignite inflation worries.”
Other cryptocurrencies also posted gains, with Solana up 6.5%, Dogecoin rising 3.2%, Cardano surging 17.6%, and Shiba Inu up 2.2%. Stablecoins made up a large share of market activity, with total trading volume at $123.31 billion, representing 93.36% of the crypto market’s 24-hour volume, according to .
Bitcoin’s market capitalisation increased to $1.502 trillion, with a dominance level of 58.6%. Despite this, its 24-hour trading volume dropped by 33.86% to $58.72 billion.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
