Bitcoin surged to a new all-time high of $109,588 on Monday as traders braced for major gains with the inauguration of President-elect Donald Trump. Trump noted the asset’s record performance in a speech on Sunday alongside gains in the overall U.S. stock market.
“Since the election, the stock market has surged and small business optimism has soared a record 41 points to a 39-year high. Bitcoin has shattered one record high after another,” Trump said.
As of 11:50 GMT, Bitcoin rose 6.76 percent to $108,081, gaining over 14 percent in the last week.
Trump, Melania launch cryptocurrencies
Bitcoin reversed its losses from earlier in the day when it fell to nearly $100,000 from a high of over $102,000 on Sunday as First Lady Melania Trump issued a memecoin. In a post on social media platform X, she announced that investors “can buy $MELANIA now.” The token was trading at $9.62 after reaching $13.64 earlier in the session.
Trump also launched his own meme coin on Friday through the Solana Blockchain network. On Monday, the $TRUMP coin was down 25.78 percent to trade at $$53.87, according to CoinMarketCap. With this launch, Trump further expanded his cryptocurrency interests which already include World Liberty Financial.
Of the total number of tokens, 80 percent are owned by CIC Digital LLC, an affiliate of The Trump Organization, and another business called Fight Fight Fight LLC, the token’s website says.
“The TRUMP coin, as well as wife Melania Trump’s own official cryptocurrency, are among the topmost gainers early Monday. It remains to be seen if Trump’s oath-taking ceremony and upcoming term will result in positive developments for the crypto sector, as has been predicted by experts across the globe,” said Vijay Valecha, chief investment officer, Century Financial.
Read: UAE gold prices largely steady, global rates rise ahead of Trump’s inauguration
Trump’s election propels Bitcoin
The crypto market re-emerged in the spotlight last year following Donald Trump’s election as president. Investors are betting that the incoming Trump administration will ensure a friendlier regulatory environment, boosting market sentiment. Trump has promised to be a “crypto president”, and will likely issue executive orders aimed at reducing crypto regulatory hurdles and promoting widespread adoption of digital assets.
Trump is due to assume the presidency at 17:00 GMT on Monday. “If Trump makes any announcements regarding rate cuts or makes any pro-crypto move, BTC and other coins are naturally expected to rally as well,” added Valecha.
Promises like making the U.S. the “crypto capital of the planet” and creating a “strategic national bitcoin reserve” have fueled investor optimism since the election.
In the last year, Bitcoin has surged over 158 percent.
