On Inauguration Day, Bitcoin reaches record high

Bitcoin reached a record high on Monday, shortly before Donald Trump assumed the presidency of the United States.

During the day, Bitcoin surged to $109,350 before dropping below $105,000.

President Trump has mentioned cryptocurrency multiple times leading up to his re-election. Speculation grew as Bitcoin gained momentum in the days before the inauguration, with rumors circulating that Trump would issue a Bitcoin-related executive order.

According to reports, Trump intends to ease regulations surrounding cryptocurrency, which could boost its adoption.

The increase in Bitcoin price also coincided with the introduction of two new meme coins by the Trumps – named $TRUMP and $MELANIA. Trump’s coin was launched on January 17, followed by Melania’s a few days later. Both coins are built on the Solana blockchain.

Meme coins are cryptocurrencies based on internet culture. While they may not have intrinsic value, they can be traded and their value can fluctuate.

Dogecoin (DOGE) is one of the most popular meme coins, initially created as a joke but heavily endorsed by Elon Musk. Dogecoin’s value is currently at $0.36, although it is still below its all-time high of $0.64 in May 2021.

As for Bitcoin, only time will tell if the surge continues or if the currency stabilizes after its recent spike.