New Delhi, May 22 (H.S.): Today, stock markets are facing selling pressure globally, while the cryptocurrency market is booming. Bitcoin, the leading cryptocurrency, has hit a new all-time high of $1,11,861.22 before slightly retreating to $1,11,361.46 at around 7 PM Indian time, marking a 4.60 percent increase. The bullish trend in cryptocurrencies has been notable since the election of U.S. President Donald Trump. Bitcoin soared past $100,000 but fell to approximately $74,000 due to the announcement of a tariff war. However, following a 90-day moratorium on tariffs, Bitcoin began to recover.

Current concerns regarding the U.S. economy, a downgrade in its credit rating, and rising bond yields have driven investors to favor cryptocurrencies. Rajeev Dutta, CEO of Capex Gold and Investments, believes that regulatory support and corporate buying could boost Bitcoin’s price beyond $1.25 lakh. Recently, the U.S. Senate voted to establish the first regulatory framework for cryptocurrency, indicating rapid governmental action in this space. Hence, a continuation of the bullish trend is anticipated, potentially leading Bitcoin to new heights.

Hindusthan Samachar / Jun Sarkar