Bitcoin soared to an all-time high on Monday, hours before Donald Trump was sworn in as US president.
During Monday, Bitcoin soared to $109,350 before falling below $105,000.
President Trump has repeatedly talked about virtual currencies in the run-up to his re-election. Bitcoin began gaining momentum a week before Inauguration Day, fueling speculation that President Trump would announce a Bitcoin-related executive order.
According to reportPresident Trump has plans to ease regulations regarding virtual currencies, which could spur adoption.
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The spike in Bitcoin prices also came after the Trumps announced two new meme coins simply named $TRUMP and $MELANIA. Trump’s coin was released on Friday, January 17th, followed a few days later by Melania’s coin. Both are based on the Solana blockchain.
Trump and Melania Crypto Meme Coin Released Ahead of Inauguration, Confusion Continues
Meme coins are essentially cryptocurrencies based on certain aspects of internet culture. Although it is not considered to have any real intrinsic value, it can be bought and sold, and its cost can rise or fall.
The most famous meme coin is Dogecoin (DOGE). This was essentially created as a joke, but has been heavily promoted by Elon Musk. Dogecoin is also trending higher, sitting at $0.36 at the time of writing, just over half of its all-time high of $0.64 in May 2021, just after the GameStop squeeze.
As for Bitcoin, we will have to wait and see if the rally continues or if it calms down after its recent surge.
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