Trump's Crypto Token Hits $10B Market Cap, Bitcoin Surges Past $109K

Trump’s Crypto Token Surges Past $10 Billion Market Cap

Donald Trump’s newly minted digital coin surged past $10 billion in market value on Monday as billions poured into trading. At the same time, bitcoin reached a new all-time high shortly before the U.S. President-elect travelled back to the White House.
Having started trading on Friday, Trump’s “meme coin” or $TRUMP was at less than $ 10 on a Saturday morning and spiked to a high of $ 74.59 before pulling back some of its astronomical gains on Monday.

Trump released the digital token with branding that features an image from the July attempt on his life, furthering his investing in cryptocurrency companies past World Liberty Financial. Melania Trump also created her coin, $MELANIA that impressive becoming the best altcoin of the Sunday to increase its market capitalization above $1 billion.
As reported in Reuters the website of Trump coin also reveals that four-fifths of Trump’s coin tokens are controlled by CIC Digital which is linked to Trump’s business and another entity known as Fight, Fight, Fight. It stated that the coins are ‘in favour of and participation in the values. The values associated with the symbol ‘$TRUMP’ and not an asset or financial instrument.
Trump’s coin was at $46.93 by 1345 GMT with a market value of $9.4 billion making it the 19th most valuable coin as ranked by CoinMarketCap, opens new tab. Trading volume for 24 hours was more than 410.74 billion, according to CoinMarketCap.
The hype surrounding so-called meme coins boosted a broader crypto market higher as traders. The investors pinned their expectations on Trump to deliver on his commitment to positively influence the crypto space.

Bitcoin Surges Beyond $109,000 Amid Speculation of Early Crypto Moves by Trump

Industry insiders are increasingly optimistic that President-elect Donald Trump will act on the technology soon after his second inauguration. It is giving the cryptocurrency its latest boost to top over $109,000 as the US dollar. Before, Trump criticized digital currencies a few years ago when he said that Bitcoin “ seems like a scam.”

According to Apnews He recently started a new cryptocurrency venture and on the campaign trail pledged to act to make the US into the ‘crypto capital’ in his early days in office. They include generating a U.S. crypto stockpile, setting industry-friendlier regulations, and even naming a crypto “czar” for his administration. Trump told crypto aficionados at the Bitcoin conference last summer, You all are going to be very happy with me.

Bitcoin, launched in 2009, describes itself as electronic cash not controlled by banks or governments, making it the number one cryptocurrency. It and the other newer forms of cryptocurrencies have gone from being marginal to being mainstream in erratic bursts.
As it stands, however, crypto has proven sceptics and multiple multi-month bearish trends in its short existence. Larger participants in the crypto industry who complained about being singled out for increased regulatory attention by President Biden’s team invested heavily in getting Trump re-elected last November. Bitcoin has doubled since Trump’s victory early this year. After peaking at over 100,000 US dollars per Bitcoin last month. It dropped slightly to about 90,000 US dollars this week. On Friday, it rose about 5%. It surged to trade over $90,000 early on Monday morning, as reported by CoinDesk.

Among Trump’s nominees for the major departments and agencies, there are many supporters of crypto. The nominee for the Treasury and Commerce secretaries and the head of the Securities and Exchange Commission.