Bitcoin rose sharply on Monday, hours before Donald Trump took office as President of the United States.
During Monday’s session, Bitcoin rose to $109,350 before dipping below $105,000.
President Trump has talked about cryptocurrency many times before taking office again. Bitcoin started to gain steam a week before the launch, with speculation that Trump would announce an executive order related to Bitcoin.
According to reports, Trump plans to ease regulations around cryptocurrency, something that could spur adoption.
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The rise in the price of Bitcoin also happened after the introduction of two new meme coins by Trump – simply named $TRUMP and $MELANIA. Trump’s coin was unveiled on Friday, Jan. 17, and Melania’s coin follows a few days later. Both are based on the Solana blockchain.
TRUMP and MELANIA crypto memecoins launched ahead of launch, following uproar
Meme coins are actually cryptocurrencies based on a certain aspect of internet culture. They are not considered to carry any intrinsic value, but can be bought and sold, and can go up or down in price.
The most popular meme coin is Dogecoin (DOGE), which was created as a joke, but has been heavily developed by Elon Musk. Dogecoin is also on the rise, sitting at $0.36 at the time of writing – though it’s still just over half of its all-time high of $0.64, which came in May 2021 just after the GameStop squeeze.
As for Bitcoin, we will have to wait and see if the rally continues, or what the currency will be after its recent surge.
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