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What you need to know
- Bitcoin surpassed $109,000 for the first time ever ahead of Donald Trump’s inauguration on Monday.
- Price rises coincide with the launch of TRUMP meme coins on Friday night, which experienced an explosive weekend trading. Melania Trump, the incoming first lady of the United States, launched her meme coin Sunday.
- The spot bitcoin ETF saw inflows of nearly $1 billion Friday as the crypto-investor optimism over the new Trump administration was building.
Bitcoin has reached a new high of $109,000 before Donald Trump’s inauguration on Monday. Investors are growing more optimistic that Trump will implement policies to benefit the cryptocurrency market.
Bitcoin’s price spike came after the President-elect, Melania Trump and their wives launched each meme coin over the weekend. This added to the idea that crypto investors will benefit from the arrival of a new administration.
Bitcoin traded at $103,500 in recent days, having risen as high as $100,300 over night. Since the mid-November elections, bitcoin has surged by nearly half. Recent days have seen a renewed rise amid hope that Trump may soon announce crypto related measures. Trump did not mention bitcoin or cryptocurrency in his inaugural speech.
The optimism surrounding bitcoin is evident in the flows into exchange-traded bitcoin funds. Farside Investors reported that spot ETFs brought in a total of $975.6 millions on just Friday.
Polymarket’s prediction market has increased the odds Trump would establish a national Bitcoin reserve in 2025 from 39% to 65% over the course of the week.
In a statement on Sunday, President-elect Trump noted that Bitcoin’s rise to all-time-highs following the presidential election was part of a larger trend. “Trump effect” On markets. Trump’s promises to benefit the crypto-industry during the campaign were numerous.
Solana – the cryptocurrency network from which the TRUMP and MELANIA memes were created – also hit a record over the weekend.
TRUMP’s meme coin is a great ride so far for investors. Its market capitalization was just below $10 billion as of Monday morning. In less than one hour, around the time the MELANIA coin was launched on Sunday, the meme coins dropped 44%.
UPDATE: This article has been updated with a reference to Trump's inaugural address and the latest price of bitcoin.
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