Bitcoin reached an all-time high of $109,241 as the United States prepares for the inauguration of pro-crypto President-elect Donald Trump. The cryptocurrency jumped 5.5% fueled by enthusiasm surrounding Trump’s meme coins, even though the market experienced a decline afterward.
The largest cryptocurrency in the world, Bitcoin, hit a record high of $109,241 on January 20 as US President-elect Donald Trump gets ready to formally assume office. According to a Bloomberg story, Bitcoin rose as much as 5.5% to hit a new high ahead of the inauguration of crypto-friendly President Donald Trump and the introduction of his and wife Melania Trump’s meme currencies, $TRUMP and $MELANIA.
Coinmarketcap data shows that Melania’s token is rapidly increasing, with a market capitalization of around $2 billion hours after its introduction early today, whereas Trump’s meme coin has dropped from a high of $15 billion to $11 billion.
Brief Crypto Markets
According to the Bloomberg story, the Trumps’ meme coins briefly stunned the cryptocurrency market on January 20th, causing declines in Bitcoin, Ethereum, and other smaller tokens before the flow steadied out during the day. According to the report, traders were counting down the hours until Trump was elected president for a second time as the London market started, and Bitcoin, Ether, and XRP all saw sharp increases. According to earlier reports from Bloomberg News, Trump is thinking of issuing an executive order making cryptocurrencies a “national priority” asset class.
Bitcoin’s momentum has been further accelerated by the meme coins that Trump and his team have introduced, as retail traders wait for the Republican to “prioritize and reaffirm his commitment to the crypto industry,” HashKey Global MD Ben El-Baz told Bloomberg. They rank among the richest in the world, with $TRUMP presently ranking as the 21st most valuable cryptocurrency and $MELANIA ranking as the 80th most valuable, according to CoinGecko.
According to a New York Times investigation, the Trump family cryptocurrency tokens have significantly increased the fortune of incoming US President Donald Trump, placing him among the richest individuals in the world.
$TRUMP and $MELANIA Meme Coins
According to a Reuters story, cryptocurrency investors are still in “party mode” as they await executive orders from Trump that will lower regulatory barriers and encourage the broad use of digital assets. Critics have questioned the ethics and even potential conflict of interest around the assets, while supporters and cryptocurrency aficionados have praised Donald Trump and his family’s “business savvy” in making cryptocurrency decisions.
- Bitcoin’s rise demonstrates the influence of political events on cryptocurrency markets.
- Memecoins can create volatility in the digital asset space, impacting established cryptocurrencies.
- Retail traders are optimistic about the future of crypto under a pro-crypto administration.
