Bitcoin Hits All-Time High on Inauguration Day– BC

Bitcoin hit an all-time high on Monday, hours before Donald Trump was sworn in as US president.

Over the course of Monday, Bitcoin soared to $109,350 before falling below $105,000.

President Trump has spoken about cryptocurrencies on numerous occasions before taking office again. Bitcoin began to gain traction during the week leading up to the inauguration, and speculation increased that Trump would announce a Bitcoin-related executive order.

According informationTrump plans to reduce regulations on cryptocurrencies, something that could spur their adoption.

The rise in Bitcoin price also came after the Trumps launched two new meme coins, simply called $TRUMP and $MELANIA. Trump’s coin was released on Friday, January 17, and Melania’s coin was released a few days later. Both are based on the Solana blockchain.

Meme coins are essentially cryptocurrencies that are based on some aspect of internet culture. They are not actually considered to have any intrinsic value, but they can be bought and sold, and their cost can go up or down.

The most famous meme coin is Dogecoin (DOGE), which was essentially created as a joke, but has been heavily promoted by Elon Musk. Dogecoin is also rising, sitting at $0.36 at the time of writing, although it is still only a little more than half the value of its all-time high of $0.64, which it reached in May 2021, shortly after of the GameStop squeeze.

As for Bitcoin, we will have to wait and see if the rally continues or if the coin stabilizes after its last surge.