Bitcoin hits all-time high driven by Trumpmania$

Bitcoin, the world’s largest cryptocurrency, reached a new all-time high of $109,241 on January 20, coinciding with the lead-up to Donald Trump’s return to the White House.

The surge, marking a 5.5% increase, came ahead of Trump’s inauguration and the launch of two new meme coins, $TRUMP and $MELANIA, issued by the former president and his wife, Melania Trump.

According to Bloomberg, the rally in Bitcoin’s price was fueled by the announcement of the Trump family’s cryptocurrency ventures over the weekend.

The $TRUMP coin briefly reached a market cap of over $15 billion before experiencing a sharp drop.

Despite the volatility, the introduction of these meme coins disrupted the broader digital asset market, shifting focus away from Bitcoin and smaller tokens.

This has drawn some criticism from industry experts concerned about the long-term stability of the cryptocurrency space.

Bitcoin, along with Ethereum (the second-largest cryptocurrency) and XRP, surged on Monday morning in London as traders eagerly anticipated Trump’s return to the White House.

ALSO READ : African players in Europe: Onana error sinks United

Bloomberg News further reported that Trump may issue an exclusive order designating crypto assets as a “National priority,” potentially boosting regulatory clarity and support for the sector.

Ben El-Baz, CEO of Hashkey Global, suggested that the meme coin launch had contributed significantly to Bitcoin’s rally. “Retail traders are optimistic that the Republican president will prioritize the crypto industry and reaffirm his commitment to its growth,” El-Baz noted, underscoring the strong correlation between Trump’s political return and cryptocurrency market dynamics.