Market capitalization reaches US$1.7 trillion; asset is boosted by Donald Trump’s victory in the US elections
The price of bitcoin is US$88,375.00 at 6:28 pm this Monday (11.Nov.2024). It is the highest nominal value in the history of cryptocurrency. The market capitalization, that is, the total estimated value invested in the currency, reached US$ 1.7 trillion – another record.
The asset is driven by Donald Trump (Republican Party) becoming President of the United States. During his campaign, the Republican sought the support of investors in the sector, presenting himself as favorable to cryptocurrencies. He even its own crypto buying and selling platform, World Liberty Financial, stating that it intends to make the country the “crypto capital of the world”.
Trump’s views on cryptocurrencies have changed over time. In 2019, it stated that the value of bitcoins are based on “nothing” and, in 2021, said that the asset was a “fraud”.
DOLLAR
The American currency ended this Monday (Nov. 11) at R$5.77. It was up 0.56% in the trading session. It has been above R$5.00 since March 28th.
One driver for market behavior is fiscal uncertainty. The Minister of Finance, had said that the announcement of a package to review public expenditure (8.nov) – what .
The economic team and other ministers met several times with the president (PT) during the week, but nothing has been defined. The reason for the uncertainty is the disagreement on the Esplanada and the political cost of any actions, which could harm the government’s popularity.
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One of the consequences of a rising dollar is the impact on inflation, because it increases the value of imports. The Central Bank has already said it is keeping an eye on this behavior. The monetary authority is responsible for bringing the price index to the target.
