The cryptocurrency market has been in turmoil over the past few days. The Trump family has launched two record-setting memecoins, $TRUMP and $MELANIA, this weekend. Additionally, Bitcoin has briefly surged above $109,000, marking a new all-time high. With Trump’s inauguration just hours away, should we brace for another bull run?
Bitcoin Attempts to Break Above $109,000
Bitcoin (BTC) made a significant attempt to push upwards, reaching over $109,000 on Monday. Although it could not maintain this level, the price increase is notable given the current context.
At the moment, attention is focused on Donald Trump’s inauguration and the two memecoins launched this weekend: Trump’s $TRUMP and his wife Melania’s $MELANIA. Both have experienced phenomenal, rapid growth.
The $TRUMP coin soared to a market capitalization of over $15 billion, disrupting the established rankings in the top 15 market capitalizations. Bitcoin, often referred to as digital gold, has not taken kindly to being overshadowed, responding with this remarkable price increase.
The Bitcoin Volatility Index (BVOL) surged above 67, a level not seen in the past six months, which has sparked interest among observers and traders. Such volatility can be appealing, albeit dangerous.
Reasons Behind Bitcoin’s Surge
The surge in Bitcoin’s price can likely be attributed to a speculative phenomenon tied to Donald Trump’s anticipated return to the White House. He has indicated plans to sign over 100 executive orders on his first day in office, with expectations that some will target the deregulation of digital assets—a key point in Trump’s campaign.
In addition to the easing of regulations constraining blockchain innovation in the U.S., attention is drawn to Bitcoin’s strategic reserve. Trader Mitch Galer commented:
Trump’s announcement of a strategic reserve of Bitcoin fuels expectations of a rapid price increase.
Accordingly, many investors are taking buying positions, anticipating potential profits in the upcoming months. Furthermore, Trump’s unpredictability intensifies this speculative trend, making investors uncertain of what to expect, in both positive and negative lights.
This heightened volatility, combined with record speculation, creates an unprecedented situation where risks run high alongside potential rewards. As the saying goes, “High Risk, High Reward.” However, it should not be forgotten that considerable risks accompany potential losses, particularly for novice investors entering the market following the recent showcase presented by Trump.
To navigate this ever-evolving market, some wallets are innovating by offering preliminary research to identify intriguing cryptocurrencies, like Best Wallet with its “Upcoming Tokens” feature. It’s crucial to remember that investing in cryptocurrencies carries significant risks of losing capital.
Disclaimer: Cryptocurrencies are a high-risk asset class. This article is for informational purposes only and does not constitute investment advice. You may lose all of your capital.
Source: CoinMarketCap
For Further Reading:
- Bitcoin at $70,000: The Dire Prediction of an Investment Firm
- How U.S. Federal Reserve Policies Impact Bitcoin
- Is Bitcoin Distribution Centralized? A Close Look at Its Distribution
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