PK Press Club–Bitcoin rebounded from early losses on Monday, hitting a record high as traders flocked to the world’s largest cryptocurrency in anticipation of more favorable crypto regulations under the president-elect Donald Trump, who will take office later today.
surged more than 3% in a matter of minutes, reaching an all-time high of $109,118.
The crypto rose in volatile trade, with volatility in the crypto market intensifying over the weekend after Trump launched his own memecoin, $TRUMP, in the face of outsized demand. The token became one of the most valuable cryptocurrencies in less than a day, but saw wild swings in the process.
Trump policies in focus as inauguration approaches
Trump is expected to take office on Monday starting at 12:00 p.m. ET (17:00 GMT).
The president-elect has promised to enact crypto-friendly regulations during his second term and pledged to make America the “crypto capital of the world.”
Although Trump nominated several pro-crypto candidates to key regulatory positions, markets were uncertain about what policies he would outline, given that some of his more ambitious promises, like a Bitcoin strategic reserve, may require approval of Congress.
Uncertainty about the impact of Trump’s policies on the broader economy, particularly given his hard line on immigration and trade, has limited risk appetite.
Volatility of Trump and Melania memecoins diminishes appetite for cryptocurrencies
Crypto markets initially welcomed the launch of Trump’s memecoin, $TRUMP, which has accelerated sharply since its launch on Friday. The token rose over 7,000% within hours of its launch, gaining market capital of over $14 billion.
But the token was then subjected to heavy profit-taking, down sharply from its weekend highs.
Trump was also criticized for launching a new memecoin themed after future first lady Melania Trump, $MELANIA, with crypto traders raising some concerns about the ethical implications of Trump exploiting his political status to transform markets speculative in his favor.
The launch of $TRUMP, of which the president-elect holds a significant number of tokens, has significantly increased his personal wealth, at least on paper.
Crypto Price Today: Altcoins Less Bullish Than Bitcoin
Broader cryptocurrency prices were mixed, with traders remaining somewhat skeptical of altcoins amid a continued speculative frenzy in memecoins.
The world’s No. 2 crypto rose 3.5% to $3,390.65, while remaining stable at $3.2024.
and stabilized after recovering much of their earlier losses, while among meme tokens they lost 4.7%.
