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The price of bitcoin has hit an all-time high ahead of the inauguration of Donald Trump, as he and his wife launched their own cryptocurrencies.
Trump has promised to promote digital currencies during his presidency, suggesting that he will loosen regulations and help booster their adoption.
But as his presidency approached, he also offered more specific support to the cryptocurrency market. After the launch of his own $TRUMP coin, his wife launched her own $MELANIA competitor – the combination of which led to volatility in the cryptocurrency market.
Trump launched his own coin on Friday night, marketing it with a picture of himself holding a fist up superimposed over the words “FIGHT FIGHT FIGHT,” a reference to his response to an assassination attempt at a political rally in July.
In promoting the meme coin, Mr Trump told supporters to “Have Fun!”
Melania coin fairly stable as inauguration approaches
It’s now been around half a day since Melania launched her “meme”. It’s had a rocky day or so – initially surging, then falling, then surging again and now on a fall – but it’s actually almost back to where it started: it’s up 16 per cent since launch, according to CoinMarketCap.
(Strictly, that shouldn’t matter. The official website refers to it only as a “meme” and says that they are “digital collectibles intended to function as an expression of support for and engagement with the values embodied by the symbol MELANIA. and the associated artwork, and are not intended to be, or to be the subject of, an investment opportunity, investment contract, or security of any type”.)
Andrew Griffin20 January 2025 12:52
There’s another big winner of the US election: cryptocurrency
Bitcoin has been busy ever since it became clear that Donald Trump was going to win the election. While it has not always been positive news, it has been volatile since November, and this week marks the latest in that.
At least some of that excitement is because Trump backed cryptocurrency during his run for the president – and has suggested he will make good on that when he takes power. Here’s a look at how bitcoin and crypto could be one of the big winners from the election.
Andrew Griffin20 January 2025 12:22
Bitcoin price hits all-time high amid Trump-fuelled frenzy
As the incoming president arrives, the overall crypto market has gained half a trillion dollars. Bitcoin is at record highs. And people have invested billions in the memecoins of Trump and his wife.
Andrew Griffin20 January 2025 11:47
