The global cryptocurrency market’s value has topped $3 trillion as the election of Donald Trump as U.S. president spurred bets that friendlier U.S. regulation could usher in a new boom for all corners of the asset class.
Bitcoin dominates the crypto market and the market value milestone coincided with the token’s rise to a record $93,480 . Trump’s election, and that of several pro-crypto lawmakers to U.S. Congress, has driven the wave of euphoria by potentially clearing some uncertainty around U.S. regulations. Crypto exchange-traded funds have also been snapped up, possibly an indicator of buying by financial institutions which tend to shy away from directly holding cryptocurrencies.
“From the crypto front, there’s the story of removing regulatory headwinds, and the potential strategic bitcoin reserve.” In Singapore DBS Bank, which operates a digital exchange, said while trading had surged and it had executed more than one-third of last year’s total volume in the first ten days of November, investors were not yet heading into the more obscure parts of the market.