Bitcoin Sees Strong Recovery As Pro Crypto Donald Trump Favourability Increases in US President Election

Bitcoin, the largest cryptocurrency in terms of market value, made a strong recovery on Monday. Its price on international exchanges rose 4.82 percent to $62,796. On Indian exchanges like WazirX, it was at around $66,037. Bitcoin was weak due to selling pressure for the last few weeks.

Ether’s price was up 4.11 percent to around $3,331 on international exchanges. According to Gadgets360’s crypto price tracker, Ether was trading at around $3,531. Avalanche, Solana, Ripple, Cardano, Polkadot, Chainlink, Polygon and Cronos were also up. In the past one day Crypto Market capitalization of was up 3.80 percent at around $2.29 trillion.

The markets desk of crypto app CoinSwitch told Gadgets360, “The assassination attempt on former US President Donald Trump has had a major impact on market sentiment. Trump’s chances of winning the election have increased significantly. The victory of Trump, who favors the crypto market, has made the sentiment in the crypto community positive.” Bolivia has lifted the ban imposed on Bitcoin almost a decade ago. Its aim is to balance the economy and modernize the payment systems.

Bolivia is the first country in Latin America to take steps in favor of crypto. However, its central bank has not given legal currency status to bitcoin or other cryptocurrencies. The Central Bank of Bolivia has also allowed banks to carry out crypto transactions. Banco Central de Bolivia said that it Bitcoin The country is rolling back its ban on payments using cryptocurrencies, including Bitcoin. The country’s debt is projected to grow to over $21 billion by 2029. The Banco Central de Bolivia has decided to allow banks to use electronic channels of acceptance and facilitate crypto payments. However, Bolivia’s central bank has not recognized bitcoin or other cryptocurrencies as legal currency. Allowing crypto transactions could help it receive more money through remittances as these transactions from abroad are not delayed and usually do not incur any charges. Bolivia is also trying to reduce its dependence on the US dollar.