Bitcoin Hits Record $109,241 Amid Trump Meme Coin Frenzy
Bitcoin has reached an all-time high of $109,241 as the United States gears up for the inauguration of pro-crypto President-elect Donald Trump. The cryptocurrency surged 5.5% on January 20, fueled by excitement over the launch of meme coins $TRUMP and $MELANIA.
The historic milestone underscores growing market anticipation as Trump, known for his crypto-friendly stance, prepares to take office. According to a Bloomberg report, the introduction of Trump-themed tokens significantly contributed to Bitcoin’s rally, despite temporary volatility in the broader crypto market.
Trump Meme Coins Spark Market Frenzy
Data from CoinMarketCap reveals that $TRUMP achieved a peak market capitalization of $15 billion before settling at $11 billion. Meanwhile, Melania Trump’s newly launched $MELANIA token is gaining momentum, reaching a $2 billion market cap just hours after release.
The launch of the Trump family’s meme coins initially caused brief market disruptions, with Bitcoin, Ethereum, and smaller cryptocurrencies experiencing temporary dips. However, the market quickly rebounded, with Bitcoin and other major assets surging as the London trading session began.
Trump’s Crypto Policies Fuel Optimism
Bloomberg reports that Trump is considering an executive order to designate cryptocurrencies as a “national priority” asset class. This potential policy shift is bolstering trader confidence and driving speculation about reduced regulatory barriers under his administration.
Ben El-Baz, Managing Director of HashKey Global, commented that Trump’s actions signal a commitment to supporting the cryptocurrency sector. Retail traders are optimistic that the new administration will promote widespread adoption of digital assets.
$TRUMP and $MELANIA Tokens Among Top Performers
As of now, $TRUMP ranks as the 21st most valuable cryptocurrency globally, while $MELANIA holds the 80th spot, according to CoinGecko. These tokens have significantly boosted the wealth of the Trump family, with a New York Times report noting that the gains place Donald Trump among the world’s richest individuals.
Reactions Split on Trump-Themed Coins
The launch of the Trump-themed tokens has divided opinions. Supporters praise the initiative as a testament to the Trump family’s business acumen and commitment to innovation. Conversely, critics have raised ethical concerns, citing potential conflicts of interest and the broader implications of such ventures.
Market Awaits Trump’s Crypto Moves
Crypto enthusiasts remain in high spirits, eagerly anticipating executive actions that could accelerate blockchain adoption and foster a more favorable regulatory environment. Whether these policies will materialize remains to be seen, but the buzz surrounding Trump’s involvement in the crypto space is already reshaping market dynamics.
As the world watches the second inauguration of Donald Trump, the surge in Bitcoin and the popularity of $TRUMP and $MELANIA underline the growing intersection of politics and cryptocurrency.
