Bitcoin prices reached a historic peak above $109,000 as Donald Trump's presidency began, fueled by optimism over his plans to deregulate the cryptocurrency sector. Trump's own foray into the crypto market with his $TRUMP meme coin further fueled the excitement. However, analysts warn that Trump's policies could have both positive and negative consequences for the cryptocurrency market.
Bitcoin reached a record high exceeding $109,000 on Monday, coinciding with Donald Trump 's imminent inauguration as US president. Trump, who has signaled intentions to deregulate the cryptocurrency sector, witnessed Bitcoin surge to an all-time peak of $109,241 before settling around $107,500. This surge follows Bitcoin surpassing $100,000 for the first time in early December, fueled by optimism surrounding Trump's plans to ease regulations.
His nomination of cryptocurrency advocate Paul Atkins to head the US securities regulator reinforced this optimism. Despite previously labeling cryptocurrencies as a 'scam,' Trump shifted his stance during his campaign, becoming a vocal supporter. When Bitcoin hit the $100,000 milestone, Trump celebrated on Truth Social, stating: 'CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU'RE WELCOME!!! Together, we will Make America Great Again!'Further adding to the cryptocurrency excitement, Trump launched his own cryptocurrency, a meme coin aptly named $TRUMP, over the weekend. This move sparked intense buying activity, propelling its market capitalization to several billion dollars. However, analysts caution that Trump's policies present both opportunities and challenges for the cryptocurrency market. Ipek Ozkardeskaya, senior analyst at Swissquote Bank, noted, 'His pro-growth policies and deregulation are expected to benefit the US economy, but his tariff policies will certainly lead inflation higher.' The $TRUMP meme coin capitalizes on the popularity of a personality, movement, or viral internet trend, reflecting the growing influence of such trends in the cryptocurrency space.Bitcoin, conceived in 2008 by an anonymous individual or group known as Satoshi Nakamoto, aimed to establish a decentralized platform for transactions, breaking away from traditional financial institutions. The digital currency is created, or 'mined,' as a reward for powerful computers solving complex problems to validate transactions on an immutable record called the blockchain. Despite its innovative nature, Bitcoin has faced criticism for its association with illicit activities. It has been used for untraceable payments on the dark web, facilitating money laundering and ransomware attacks. Additionally, its energy-intensive mining process has drawn scrutiny for its significant environmental impact. — Agence France-Press
Technology Bitcoin Cryptocurrency Donald Trump Regulation Meme Coin $TRUMP
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin Soars Past $100,000 Fueled by ETF Approvals and Regulatory OptimismBitcoin experienced a remarkable surge in 2024, exceeding $100,000 and more than doubling in value. The rally was driven by the US Securities and Exchange Commission's approval of spot bitcoin ETFs and anticipation of eased regulations under a potential Trump presidency.
Read more »
Philippine Tourism Revenue Soars to Record HighPhilippine tourism revenue reached an all-time high in 2024, exceeding previous records and demonstrating the sector's strength and resilience.
Read more »
China's Exports Soar to Record High Amid Trump Tariff FearsChina's exports hit a record high in 2024, offering a much-needed boost to the economy as the threat of new tariffs from US President-elect Donald Trump looms. While exports surged, analysts warn of a potential slowdown later this year if Trump's tariff threats are realized.
Read more »
Trump says he’ll sign record number of executive orders on Day 1Donald Trump said Saturday he plans to sign a record number of executive orders after being sworn in as president, beginning 'right after' he
Read more »
Fil-Australian Fencer Harrison Soars in International RankingsAshley Mae Abesamis-Harrison, a 16-year-old Fil-Australian fencer, has made impressive strides in the world of fencing, achieving her highest international ranking to date.
Read more »
Generative AI Market Soars to $356 Billion by 2030The generative AI market is experiencing explosive growth, driven by investments from tech giants and a rapidly expanding user base.
Read more »