Bitcoin surges towards record high ahead of Trump’s inauguration
Press Hub UCapital
Share:
Bitcoin (BTC) approaches its all-time high, briefly touching $109,111 early Monday as optimism builds around pro-crypto policies anticipated under President-elect Donald Trump. At the time of writing, Bitcoin trades at $108,797, reflecting a 3.8% gain over the past 24 hours.
Market drivers behind Bitcoin’s momentum
Positive sentiment surrounding Trump’s inauguration has spurred demand for Bitcoin, bolstered by the weekend launch of the TRUMP and MELANIA memecoins, which attracted new retail investors.
Ether gained 4.7% to $3,431
Solana dropped 5% to $260
Dogecoin declined by 2.4% to $0.38
Ben El-Baz of HashKey Global highlighted hopes for crypto-friendly U.S. policies driving Bitcoin’s upward momentum. Speculation about a potential Bitcoin strategic reserve, based on unconfirmed reports, has also fueled the rally.
Volatility and memecoin impact
The launch of TRUMP and MELANIA memecoins created significant market turbulence.
$1.2 billion in liquidations occurred on centralized exchanges within 24 hours, marking January’s largest liquidation event.
Smaller altcoins, including AI-related tokens with market caps under $100 million, saw sharp declines as liquidity shifted toward TRUMP and MELANIA memecoins.
Augustine Fan of SOFA described memecoins as a "zero-sum game" that redirected liquidity and posed risks for late investors. Analysts like Min Jung of Presto Research stressed the speculative nature of recent market moves.
Broader sentiment and outlook
While Trump’s potential policy announcements generate optimism, institutional crypto developments remain sidelined by speculative retail activity. Bitcoin’s immediate resistance lies at $110,000, with downside support near $105,000 and $102,500.
As the market anticipates Trump’s inaugural address, traders and analysts will closely monitor his comments for any direct impact on Bitcoin’s trajectory and the broader crypto landscape.
Market drivers behind Bitcoin’s momentum
Positive sentiment surrounding Trump’s inauguration has spurred demand for Bitcoin, bolstered by the weekend launch of the TRUMP and MELANIA memecoins, which attracted new retail investors.
Ether gained 4.7% to $3,431
Solana dropped 5% to $260
Dogecoin declined by 2.4% to $0.38
Ben El-Baz of HashKey Global highlighted hopes for crypto-friendly U.S. policies driving Bitcoin’s upward momentum. Speculation about a potential Bitcoin strategic reserve, based on unconfirmed reports, has also fueled the rally.
Volatility and memecoin impact
The launch of TRUMP and MELANIA memecoins created significant market turbulence.
$1.2 billion in liquidations occurred on centralized exchanges within 24 hours, marking January’s largest liquidation event.
Smaller altcoins, including AI-related tokens with market caps under $100 million, saw sharp declines as liquidity shifted toward TRUMP and MELANIA memecoins.
Augustine Fan of SOFA described memecoins as a "zero-sum game" that redirected liquidity and posed risks for late investors. Analysts like Min Jung of Presto Research stressed the speculative nature of recent market moves.
Broader sentiment and outlook
While Trump’s potential policy announcements generate optimism, institutional crypto developments remain sidelined by speculative retail activity. Bitcoin’s immediate resistance lies at $110,000, with downside support near $105,000 and $102,500.
As the market anticipates Trump’s inaugural address, traders and analysts will closely monitor his comments for any direct impact on Bitcoin’s trajectory and the broader crypto landscape.