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Bitcoin Reaches New All-Time High Driven by TRUMP Frenzy
Bitcoin, the world's largest cryptocurrency, reached an all-time high of $109,241 on January 20, as Donald Trump prepares to officially take over the White House.
Ahead of the inauguration of a crypto-friendly president and the launch of the meme coins $TRUMP and $MELANIA issued by Trump and his wife, Melania Trump, Bitcoin surged 5.5% to hit a new record, according to a report from Bloomberg.
The surge occurred after Trump and Melania introduced meme coins over the weekend, with $TRUMP briefly reaching a market capitalization of over $15 billion before sharply falling.
Meme coins have disrupted the digital asset market, reducing inflows into Bitcoin and smaller tokens and drawing criticism from industry experts.
Bitcoin, Ether (the second largest cryptocurrency), and XRP all surged on Monday morning in London as traders counted down the hours before Trump officially returns to the White House. Bloomberg News reported that he is considering an executive order that would designate crypto assets as a "national priority."