Key takeaways
- Bitcoin hit a new all-time high of over $109,000 ahead of US President-elect Donald Trump’s inauguration on Monday.
- The price hike comes as the TRUMP meme coin launched Friday night and saw a wild weekend of trading action. New first lady Melania Trump launched her own coin on Sunday.
- Spot Bitcoin ETF inflows neared $1 billion on Friday as crypto investors’ optimism over the new Trump administration grew.
Bitcoin hit a new all-time high above $109,000 ahead of Donald Trump’s inauguration on Monday, as investor optimism grows that the new president will enact policies that will benefit the crypto market.
The Bitcoin price surge came as the president-elect and his wife Melania each launched meme coins over the weekend, reinforcing the idea that the arrival of the new administration will be a positive development for investors in crypto.
Bitcoin was recently trading at around $105,000, after hitting $109,350 overnight. The digital currency has gained 50% since the election in early November, with another surge in recent days on hopes that Trump might announce crypto-related measures during his inaugural address or shortly after.
Flows into Bitcoin spot exchange-traded funds underscored the optimism toward Bitcoin. On Friday alone, spot ETFs attracted a net $975.6 million, according to Farside Investors.
Meanwhile, the odds of Trump establishing a national bitcoin reserve in 2025 rose from 39% to 65% over the past week, according to prediction market Polymarket.
On Sunday, the president-elect noted that bitcoin’s surge to new all-time highs after the election was part of a larger “Trump effect” in markets. During the presidential campaign, Trump made a number of promises that would benefit the crypto industry.
Solana, which is the crypto network on which the TRUMP and MELANIA meme coins were launched, also hit a new all-time high over the weekend.
The TRUMP meme coin has been a wild ride for speculators so far, with its market cap sitting at just under $10 billion as of Monday morning. The meme coin saw a 44% drop in less than an hour on Sunday, when the MELANIA meme coin launched.
