Bitcoin Leaps to New Record Above $109,000 as Traders Cheer Trump Inauguration, Meme Coins

Bitcoin The first pair to arrive hit an all-time high overnight after releasing a pair of meme coins and as traders waited for it. the inauguration of the new president, Donald Trump.

The leading cryptocurrency was last up nearly 1% at $106,622.54 on Monday, according to Coin Metrics. Earlier on Sunday, it rose to $109,350.72 after briefly dipping below $100,000.

weekend, Trump launched “Official Trump“The meme coin, which rose more than 659% to a market cap of $10.6 billion as of Thursday, according to data from CoinGecko and Coinbase. It’s down nearly 27% from its record high of $73 a coin on Monday. First lady Melania Trump has started work on Sunday with its “Melania” meme coin — at one point nearly halving the value of the Trump coin.

Melania MemeAfter trading on Sunday evening, it reached a market value of 1.3 billion dollars and a 14% price increase. The Trump meme attracted $7.3 billion in trading volume on the last day, compared to $31 billion.

While meme coins are considered the riskiest corner of the already risky cryptocurrency market, Trump’s coin launch over the weekend gave traders more confidence that the incoming administration will be positive for the industry.

“The move underscores President Trump’s acceptance of cryptocurrency and his belief that Americans have the freedom to operate in the emerging asset class,” said Joel Kruger, market strategist at LMAX.

“There’s a logic here that putting a stamp of approval on meme coins, which may be considered the wildest of cryptocurrencies, is the best way to send a message about how much support the market should expect from management. When it comes to embracing cryptocurrency and making America a major player in the space.”

Noelle Acheson, an economist and author of the Crypto Is Now Macro newsletter, echoed this sentiment, calling the meme’s decline a net positive and “a sign that new ideas (and) new markets are very much in favor.”

Bitcoin began to gain steam last week as speculation began to build that Trump might announce an executive order on the cryptocurrency early in his term. Gracie Chen, CEO of cryptocurrency Bitget, said that optimism has a greater impact on the price.

“Rumours that the cryptocurrency may be declared a national interest by the United States during the launch are positive for the price of bitcoin,” he told CNBC. “I don’t believe that the increase in the price of Bitcoin was due to the launch of new meme tokens. Rather… if the Trump family tokens had not been released, the price of Bitcoin would have increased. Instead, capital flowed into the new coins, limiting the overall growth. .”

LMAX’s Kruger added that Bitcoin’s new record high opens the door to a possible extension of the rally to $130,000.