Bitcoin celebrates Trump inauguration with document excessive of over $109,000 – Firstpost

Bitcoin soared to a document excessive above $109,000 on Monday (January 20) as cryptocurrency fanatics celebrated the upcoming inauguration of Donald Trump, who has pledged to decontrol the sector and just lately launched his personal “meme coin.”

The world’s largest cryptocurrency surged to an all-time peak of $109,241 forward of Trump’s swearing-in ceremony, earlier than easing again to round $107,000. The milestone marked an almost 60 per cent enhance in worth since Trump’s November election victory, which noticed Bitcoin cross the $100,000 threshold for the primary time in December.

Trump, a vocal supporter of cryptocurrencies throughout his marketing campaign, had earlier fuelled pleasure by nominating Paul Atkins, a recognized crypto advocate, to steer the US Securities and Alternate Fee.

“CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!! Collectively, we’ll Make America Nice Once more!” Trump wrote on his Fact Social platform when Bitcoin hit its earlier milestone.

Including to the crypto fervour, Trump launched his personal cryptocurrency over the weekend, a so-called meme coin named $TRUMP. The coin, which seeks to capitalise on the recognition of his model and web tendencies, noticed its market capitalisation soar into the billions of {dollars} shortly after its debut.

First lady-in-waiting Melania Trump additionally launched her personal cryptocurrency, $MELANIA. Each cash had been unveiled on Fact Social and X, the platform owned by fellow crypto fanatic Elon Musk.

Coverage optimism

Cryptocurrency specialists see Trump’s insurance policies as a possible boon for the sector. “There are expectations that crypto will likely be introduced extra into the monetary mainstream, with clearer guidelines about how people and corporations can commerce such property,” stated Susannah Streeter, head of cash and markets at Hargreaves Lansdown.

Trump has pledged to make the US the “bitcoin and cryptocurrency capital of the world,” reinforcing optimism amongst traders. Nonetheless, analysts warning that his pro-growth, deregulation-focused insurance policies may additionally spark inflation, fueled by tariffs and financial shifts.

A unstable legacy

Bitcoin, created in 2008 by an individual or group beneath the pseudonym Satoshi Nakamoto, has lengthy been seen as a disruptive pressure in world finance. It permits transactions on a decentralised blockchain platform however has confronted criticism for enabling illicit actions and contributing to a major carbon footprint as a result of its energy-intensive mining course of.

With Trump set to take workplace, the cryptocurrency market anticipates a pivotal second, the place digital property may acquire additional legitimacy and integration into conventional monetary methods.

Trump’s inauguration not solely marks a brand new chapter for US politics but in addition a celebration for the cryptocurrency world, as Bitcoin and its fanatics bask within the glow of record-breaking highs.

With inputs from companies