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The Key Takeaways
- Bitcoin reached a record high of over $109,000 on Monday, ahead of Donald Trump’s inauguration as U.S. president-elect.
- This price increase comes after the TRUMP meme coin, launched on Friday evening, experienced a wild trading weekend. Melania Trump, incoming First Lady of the US, released her own meme on Sunday.
- On Friday, spot bitcoin ETF flows reached a high of $1 billion as investor confidence in the Trump administration has grown.
Bitcoin reached its highest level ever before Donald Trump’s Monday inauguration, with investors growing increasingly optimistic about the new president’s ability to adopt crypto-friendly policies.
As the president-elect Melania and her husband, Donald Trump launched their respective meme coins on the weekend. The price of bitcoin surged.
Bitcoin recently traded around $103,500 after reaching as high at $109,300 in an overnight move. Digital currency is up nearly 50% from the election in early November. There has been a new surge of interest recently amid expectations that Trump will soon announce cryptocurrency-related policies. Trump did not mention bitcoin or cryptocurrency in his inaugural speech.
The flow of money into bitcoin spot exchange-traded fund has shown the level of optimism towards bitcoin. According to Farside Investors, on Friday only, spot exchange-traded funds attracted net $975,6 million.
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 crypto network from which the TRUMP and MELANIA meme coins were created) also hit a new high this weekend.
TRUMP meme coins have been an exciting ride so far for the speculators, as its market capitalization was at a little under $10 billion Monday morning. Around the time the MELANIA coin was launched, the meme coin dropped by 44% in just an hour.
UPDATE: This article has been updated with a reference to Trump's inaugural address and the latest price of bitcoin.
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