Cryptocurrency Markets Fluctuate Amidst Trump's Inauguration
As Donald Trump commenced his second presidential term, the cryptocurrency market witnessed significant volatility.
Bitcoin's (BTC-USD) price reached an all-time high exceeding $109,000 before the inauguration, but subsequently retreated below $101,000.
Despite pledges to establish the United States as the "crypto capital of the planet," President Trump did not address specific policies during his inaugural address. However, an executive order related to cryptocurrency is anticipated later in the day.
David Sacks, Trump's appointed AI and crypto czar, hailed the alleged end of "crypto terror" and the dawn of innovation in the industry.
The Trump administration has launched official meme coins for President Trump (TRUMP) and First Lady Melania Trump (MELANIA) on the Solana blockchain. The coins are primarily controlled by the Trump Organization and are subject to a three-year unlocking period.
The meme coins have sparked controversy, with critics raising concerns about potential abuses. However, they have garnered investor interest, with major crypto exchanges such as Coinbase Global (COIN), Robinhood (HOOD), and Binance planning to list them.
The Solana blockchain has experienced a surge in trading volume exceeding $50 billion over the past 48 hours, surpassing other blockchains during this period. TRUMP now has a market capitalization of over $10 billion, ranking among the top 20 cryptocurrencies by market cap.
Analysts believe the launch of the Trump meme coin signifies the shift towards a new regulatory era in cryptocurrency. However, they caution that investors may face disappointment if executive orders fail to meet expectations or carry sufficient weight.