Bitcoin, the leading cryptocurrency globally, reached an unprecedented peak on Monday morning, exceeding $109,900 (€106,485). Meanwhile, President Trump's meme coin achieved billions in sales within just 48 hours, as the crypto market buzzed with optimism regarding the 47th US President's anticipated crypto-supportive policies.
«The cryptocurrency market experienced a notable increase in volatility, achieving a record high of $3.72 trillion (€3.63 trillion) in total market capitalization on Monday morning,» commented Alex Kuptsikevich, chief market analyst at FxPro. He further predicted continued growth fueled by the market's enthusiasm for digital assets.
Since Trump's election, Bitcoin has been on an upward trajectory, climbing from approximately $70,000 (€67,825) at the start of November to over $100,000 (€96,893) within two months.
Trump family's meme coins generate billions over the weekend
The then President-elect, now President, introduced his own meme coin last Friday. The token, named $Trump, initially priced at around $6 (€5.81), soared to a high of $75.35 (€73.01). Approximately 80% of these tokens are held by CIC Digital LLC, a company closely associated with the Trump family business.
However, its success faced competition when another meme coin emerged on Sunday. Incoming First Lady Melania Trump launched her own token, $MELANIA, which saw its price double, reaching a market capitalization exceeding $2 billion (€1.9 billion).
By the weekend's end, the total value of Trump's token surpassed $14 billion (€13.6 billion), before declining to approximately $10 billion (€9.7 billion) by Monday morning, as reported by CoinMarketCap.
The introduction of these meme coins has sparked criticism, suggesting that Donald Trump is leveraging his political position for financial gain.
Trump, the «crypto president»
Once a skeptic who previously dismissed Bitcoin as a «scam,» Trump has now fully embraced digital currencies with newfound enthusiasm. He has launched a new cryptocurrency initiative and pledged during his campaign to transform the US into the world's «crypto capital.»
His promises include establishing a Strategic Bitcoin Reserve and implementing regulations favorable to the industry.
Trump's selections for key cabinet and regulatory roles are filled with crypto advocates, including his appointees for the Treasury and Commerce departments and the head of the Securities and Exchange Commission.
«You'll be very pleased with me,» Trump assured crypto enthusiasts at a Bitcoin conference last summer.
Prominent industry figures organized the inaugural «Crypto Ball» on Friday evening, which promised an «elite lineup of musical entertainment» on its website to celebrate the first «crypto president.» The event sold out, with ticket prices reaching several thousand dollars.