Bitcoin sets a new record before Trump's inauguration
Kyiv • UNN
Bitcoin hit a historic high of $109,241, up 5.5%. The growth came after Donald and Melania Trump launched memecoins that shook up the cryptocurrency market.
As the United States prepares for the inauguration of President-elect Donald Trump, bitcoin has risen to a historic high of $109,241. This was reported by Bloomberg, according to UNN.
Details
The cryptocurrency has set a new record, rising by as much as 5.5%. The token's growth came after Trump and his wife Melania unveiled memecoins over the weekend, after which the market capitalization of Trumpcoin quickly reached more than $15 billion and then plummeted.
These memecoins briefly shook up the digital asset market, pulling flows away from bitcoin and smaller tokens, while drawing criticism from industry leaders.
Bitcoin, the second-ranked Ether token, and XRP rose sharply on Monday morning, with traders counting down the hours until Trump is president again.
Moreover, as previously reported, Trump is considering prioritizing cryptocurrencies at the national level.
According to Ben El-Baz, managing director of HashKey Global, the memecoins launched by Trump and his team have further accelerated bitcoin's growth as retail traders expect the Republican to “prioritize and reaffirm his commitment to the crypto industry.
Recall
The “official” $TRUMP memecoin associated with Donald Trump appeared on his X and Truth Social accounts. The token reached a market capitalization of $2 billion and attracted $3 billion in trading volume in a few hours.
The future first lady of the United States, Melania Trump, then announced the release of her own cryptocurrency $MELANIA. The project reached a capitalization of $4 billion in the first half hour after the launch, while Trump's memecoin fell by 36%.
