AT A TIME when global markets weighed Donald Trump's potential return as leader of the world's largest economy, cryptocurrency traders celebrated his promise to transform the US into a crypto hub—a move expected to buoy the cryptocurrency market well into the coming year.
This year's rally began in January with regulatory approval for spot Bitcoin and Ethereum exchange-traded funds (ETFs), followed by a halving in April that reduced the supply of new bitcoin. Finally, optimism surrounding crypto-friendly policies under the US President-elect drove the world's largest cryptocurrency past the $100,000 mark in early December.
Since then, a slower pace of interest rate cuts by the US Federal Reserve and skepticism about Trump's proposed Strategic Bitcoin Reserve (SBR) has prompted some profit booking.
This story is from the December 30, 2024 edition of Financial Express Kolkata.
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This story is from the December 30, 2024 edition of Financial Express Kolkata.
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