Bitcoin reaches an all-time high above $109,000 amidst speculation surrounding Donald Trump's presidency and his potential deregulation of the cryptocurrency market. Trump's launch of his own meme coin, $TRUMP, further fuels the excitement.
Bitcoin reached an unprecedented high above $109,000 on Monday, coinciding with Donald Trump 's inauguration as US president. Trump, who has hinted at plans to deregulate the cryptocurrency sector during his campaign, saw bitcoin surge to an all-time peak of $109,241 before settling back around $107,500. The cryptocurrency's value has skyrocketed since Trump's victory in the November election, surpassing the $100,000 mark for the first time in early December.
This upward trajectory was fueled by Trump's nomination of Paul Atkins, a cryptocurrency supporter, to head the US securities regulator, further reinforcing the optimism surrounding potential deregulation in the sector.Despite previously labeling cryptocurrencies a 'scam', Trump shifted his stance during his campaign, becoming a prominent advocate for their adoption. When bitcoin reached the milestone $100,000 level, Trump celebrated on Truth Social, stating: 'CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU'RE WELCOME!!! Together, we will Make America Great Again!'Adding to the crypto excitement, Trump launched his own cryptocurrency, a meme coin aptly named $TRUMP, which triggered a buying frenzy, propelling its market capitalization to several billion dollars. However, analysts warn that Trump's policies could have a mixed impact on the cryptocurrency market. While his pro-growth policies and deregulation efforts are anticipated to benefit the US economy, his tariff policies are likely to contribute to inflation. Moreover, the $TRUMP meme coin, capitalizing on the popularity of personalities, movements, or viral internet trends, was unveiled on Trump's Truth Social and X platforms, both reflecting the growing mainstream acceptance of cryptocurrencies. Despite the volatility and controversies surrounding cryptocurrencies, from their extreme price swings to the collapse of major players like the FTX exchange platform, bitcoin continues to be a topic of significant interest. Created in 2008 by the pseudonymous Satoshi Nakamoto, bitcoin was envisioned as a way to circumvent traditional financial institutions by establishing a decentralized transaction platform. The digital currency is generated, or 'mined', as a reward for powerful computers solving complex mathematical problems to validate transactions on a tamper-proof ledger known as the blockchain. However, bitcoin has faced criticism for its association with illicit activities on the dark web, facilitating money laundering, and enabling ransomware attacks. Its substantial energy consumption during the mining process has also drawn scrutiny for its environmental impact
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