The largest cryptocurrency is reaching new highs on Trump's inauguration day 🖋️
Bitcoin is currently up 7.80%, trading at $109,000, breaking out from levels around $102,000 in just a matter of minutes. At present, there is no clear information to justify such a strong upward impulse.
Positive sentiment is certainly supporting investors on Donald Trump's inauguration day, especially since the president himself assured over the weekend that he has ambitious plans for this market. However, it seems that these assurances alone are insufficient to explain such a move. Therefore, it’s possible that non-public information regarding the new administration’s plans related to Bitcoin has leaked into the market. Speculation is naturally focusing on the possibility of a strategic Bitcoin reserve that the U.S. government might establish. Investor hopes are further fueled by additional statements from the presidential family, suggesting that the weekend’s events are just the beginning of ambitious plans for the cryptocurrency market.
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Open account Try demo Download mobile app Download mobile appKey weekend events:
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On Friday evening, Donald Trump unexpectedly announced the launch of his memecoin, Official Trump, which reached a fully diluted valuation (FDV) of $75 billion within 48 hours. Currently, only 20% of the tokens are in circulation, an unusual scenario for memecoins. The remaining 80% are held by companies associated with Trump and are set to be gradually released into the market over the next three years.
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An indirect beneficiary was Solana, as Trump chose this blockchain for his memecoin. Over two days, Solana reached a new all-time high (ATH) of $295 per token, gaining nearly 50% within 48 hours.
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World Liberty Financial (WLD) purchased over $20 million worth of Ethereum over the weekend. Furthermore, WLD officially began its token sale of 25 billion tokens at $0.05 each today, ahead of its planned ICO.
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On Sunday evening, Melania Trump, Donald Trump’s wife, announced her own memecoin currently valued at $13 billion.
Today, Bitcoin is breaking out to new all-time highs, confirming the next wave of an upward trend that began in October 2024 for this cryptocurrency. The nearest technical support levels remain the 50- and 100-day exponential moving averages (the blue and purple curves on the chart, respectively).
Source: xStation
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