PakGazette– Bitcoin rebounded from early losses on Monday, hitting an all-time high as traders piled into the world’s largest cryptocurrency in anticipation of friendlier crypto regulations under President-elect Donald Trump, who will take office. charge later that same day.
it jumped more than 3% in the span of minutes, reaching a record high of $109,118.
The cryptocurrency rose in volatile trading, with cryptocurrency market volatility increasing over the weekend after Trump launched his own memecoin, $TRUMP, to overwhelming demand. The token became one of the most valuable cryptocurrencies in less than a day, but saw wild swings in the process.
Trump’s policies in the spotlight as inauguration approaches
Trump will take office starting at 12:00 ET (17:00 GMT) on Monday.
The president-elect has promised to implement cryptocurrency-friendly regulations during his second term and has promised to make the United States the “crypto capital” of the world.
While Trump nominated several pro-crypto candidates for key regulatory positions, markets were unsure what policies he will outline, given that some of his most ambitious promises, such as a Bitcoin Strategic Reserve, could require approval from Congress.
Uncertainty over the impact of Trump’s policies on the broader economy, especially given his hardline stance on immigration and trade, kept risk appetite subdued.
Trump and Melania memecoin volatility affects crypto appetite
Crypto markets initially cheered the launch of Trump’s memecoin, $TRUMP, which accelerated dramatically since its launch on Friday. The token was seen rising over 7000% within hours of its launch, gaining a market cap of over $14 billion.
But the token was then subjected to heavy profit-taking, falling sharply from its weekend peaks.
Trump also received criticism for launching a new memecoin themed after future First Lady Melania Trump, $MELANIA, and cryptocurrency traders raised some concerns about the ethical implications of Trump taking advantage of his political status to spin speculative markets in his favor. .
The launch of $TRUMP, of which the president-elect owns a significant amount of tokens, greatly increased his personal wealth, at least on paper.
Crypto Price Today: Altcoins Less Bullish Than Bitcoin
Cryptocurrency prices overall were mixed, as traders remained somewhat skeptical towards altcoins amid an ongoing speculative frenzy in memecoins.
The world’s No. 2 cryptocurrency rose 3.5% to $3,390.65, while holding steady at $3.2024.
and stabilized after recovering most of its previous losses, while among meme tokens, it lost 4.7%.
