Bitcoin Hits Record High Ahead of Trump Inauguration
Bitcoin hit a new all-time high above $109,000 ahead of the inauguration of Donald Trump on Monday, as investor optimism grows that the incoming president will adopt policies that benefit the crypto market.
The bitcoin price surge came as the president-elect and his wife Melania each launched meme coins over the weekend, adding to the notion that the arrival of the new administration will be a positive development for crypto investors.
Bitcoin was trading at around $105,000 recently, after moving as high as $109,350 overnight. The digital currency has gained 50% since the early-November election, with a renewed surge in recent days amid hopes that Trump could announce crypto-related measures during his inaugural speech or shortly after.
Flows into spot bitcoin exchange-traded funds have underscored the optimism about bitcoin. On Friday alone, spot ETFs attracted a net $975.6 million, according to Farside Investors.
Meanwhile, the odds of Trump establishing a national bitcoin reserve in 2025 increased from 39% to 65% over the past week, according to prediction market Polymarket.
On Sunday, the president-elect noted that bitcoin's surge to new all-time highs after the election has been part of a greater «Trump effect» on markets.During the presidential campaign, Trump made a number of promises that would be beneficial to the crypto industry.
Solana, which is the crypto network where the TRUMP and MELANIA meme coins were launched, also reached a new all-time high over the weekend.
The TRUMP meme coin has been a wild ride for speculators so far, with its market capitalization standing at just under $10 billion on Monday morning.The meme coin saw a 44% drop in less than an hour on Sunday around the time of the launch of
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