Bitcoin Recovers to $90,000 Level After Trump Election
Ripple Shows Remarkable Surge... Up 30.24%
Cryptocurrency Ripple is soaring day after day. The upward trend of Bitcoin, which surged rapidly after former President Donald Trump's election, has temporarily halted.
According to the US cryptocurrency exchange Coinbase on the 16th (local time), at 11:52 AM Eastern Time (8:25 AM Pacific Time), one Bitcoin was traded at $90,675. This is an increase of 1.22% compared to 24 hours earlier.
Bitcoin, which had fallen below the $90,000 mark, recovered the $90,000 level on the 15th. Analysts say this was influenced by expectations that the US Federal Reserve (Fed) may not lower interest rates next month.
The upward momentum, which surged from below $70,000 on the morning of the election day to the $93,000 range after former President Trump's election, has temporarily stopped.
Ethereum, ranked second in market capitalization, recorded $3,146, up 3.36%, and Dogecoin, known as the coin of Tesla CEO Elon Musk, rose 1.70% to trade at $0.37. Dogecoin has declined compared to its surge to $0.44 on the 12th.
Meanwhile, Ripple recorded $1.16 at the same time, soaring 30.24%, showing a remarkable surge among major cryptocurrencies.
Ripple's price exceeding $1 is the first time since November 2021. Ripple, which was $0.51 on the 5th, has continued its rapid rise after starting to increase later than other cryptocurrencies. It also surpassed Dogecoin in market capitalization ranking, placing sixth.
Currently, Ripple's issuing company Ripple Labs is being sued by the Securities and Exchange Commission (SEC), led by Chairman Gary Gensler, and the lawsuit is ongoing.
However, it is interpreted that this is due to expectations of the lawsuit being dropped or a possible victory following former President Trump's election. There is also speculation that Ripple CEO Brad Garlinghouse may have met Trump directly. Ripple Labs, along with Coinbase, is one of the biggest supporters of former President Trump in this election.
Additionally, there is analysis that this optimism is reflected due to speculation that Chairman Gensler, who led the lawsuit against Ripple, will resign soon.
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