Crypto Markets Surge Amid Trump's Re-Inauguration
Cryptocurrencies experienced heightened volatility following Donald Trump's second inauguration. Bitcoin (BTC-USD) reached a record high of over $109,000 before falling to below $101,000 during Trump's speech.
Trump promised to make the US a "crypto capital" in his previous campaign but did not elaborate on specific policies in his speech. An executive order on crypto is anticipated later today.
Trump's crypto czar, David Sacks, expressed optimism about the industry, stating that "the reign of terror against crypto is over."
Trump's campaign launched official meme coins (TRUMP and MELANIA) on the Solana blockchain, raising investor interest. Coinbase Global (COIN), Robinhood (HOOD), and Binance plan to list the coins.
The Solana blockchain witnessed a substantial increase in trading volume, exceeding other blockchains in the past 48 hours. TRUMP now ranks among the top 20 cryptocurrencies by market capitalization.
Analysts predict a "chaotic crypto era" marked by regulatory changes. However, investors may face disappointment in the short term if expected executive orders do not materialize or lack substance.