Bitcoin Hits Record, Dollar Falls on Trump’s Inauguration Day
Bitcoin hit a new high above $109,000 and the U.S. dollar fell on Monday as investors weighed the implications of Donald Trump’s second presidency.
Stock futures rose as Asian and European stock markets rallied, with major index contracts about 0.5% higher as of 12:05 p.m. shortly after Trump was sworn into office. US stock and bond markets were closed Monday for Martin Luther King Jr. Day.
Bitcoin rises to trade at $109,225, an intraday high according to the CoinDesk indexbefore sliding back. It sold for under $105,000 shortly after Trump’s inauguration.
Trump has positioned himself as a champion of cryptocurrency, promising moves such as Creation of US Bitcoin stock. Since his election, Bitcoin has increased by more than 50%.
The president-elect and his wife, Melania, started selling new cryptocurrencies In recent days, meme coins named $TRUMP and $MELANIA have appeared.
Before the inauguration: The Wall Street Journal reports that Trump does not plan to impose tariffs on his first day in office, a scenario many trading partners feared.
The dollar extended losses as the WSJ dollar index slipped 0.8% to a near two-week low, while currencies from economies expected to be hit hard by the tariffs strengthened.By midday, the British pound, the euro, the Mexican peso, The Canadian dollar and the offshore Chinese yuan rose 0.8 percent or more against the dollar.
Investors were bracing for Trump issue executive orders Hours after becoming president, covering border control, energy and government reform.
“When those executive orders start coming out and the implications are analyzed, that’s where you’ll see the impact on the markets,” said Suzanne Streeter, head of money and markets at Hargreaves Lansdown.
That will likely keep asset prices volatile, Streeter said. on the other hand, there may be a move out of uncertainty.”
US stocks prepared great accomplishments last weekfollowing strong bank earnings and an inflation report that offered underlying price pressures are easing. But many investors are bracing for potential turbulence, worried that Trump’s promised policies, including massive tariffs, could accelerate inflation, with far-reaching consequences for stocks and markets. Federal Reserve Policy.
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