Bitcoin, the world’s largest cryptocurrency, hit an all-time high of $109,241 on Jan. 20 as Donald Trump prepared to assume office as President of the United States.
Ahead of the crypto-friendly president’s inauguration and the launch of $TRUMP and $MELANIA meme coins introduced by Trump and his wife, Melania Trump, Bitcoin surged by 5.5% to reach a new record, according to Bloomberg.
The surge followed the weekend launch of the meme coins, with $TRUMP briefly achieving a market capitalization of over $15 billion before experiencing a sharp decline.
The meme coins have disrupted the digital asset market, redirecting attention away from Bitcoin and smaller tokens while drawing criticism from industry experts.
Bitcoin, Ethereum (the second-largest cryptocurrency), and XRP all saw gains on Monday morning in London as traders anticipated Trump’s official return to the White House.
Bloomberg News reported that Trump is considering an executive order that would classify crypto assets as a “national priority.”
Ben El-Baz, CEO of Hashkey Global, stated that the launch of meme coins by Trump and his team has further fuelled Bitcoin’s rally, with retail traders expecting the Republican president to prioritise and reaffirm his support for the crypto industry.
