Bitcoin hits $109.000 ahead of Trump’s inauguration
Bitcoin briefly hit an all-time high of $109,036 on January 20, 2025, surpassing its previous record of $108,000 from mid-December 2024. The surge occurred hours before Donald Trump’s inauguration as the 47th president of the United States, marking a pivotal moment for cryptocurrency markets.
Data from TradingView indicated a rapid price increase of over 6% in minutes before retreating slightly to $108,342, a 3% gain in the past 24 hours. Analysts attribute the rally to heightened optimism within the crypto community regarding Trump’s presidency and his pro-crypto stance.
Trump’s electoral victory in November 2024 already spurred a significant crypto rally, propelling Bitcoin beyond $100,000 for the first time. His administration’s anticipated policies, such as the establishment of a strategic Bitcoin reserve and potential deregulation of the crypto sector, have fueled market enthusiasm.
This optimism was evident on Polymarket, a prediction platform where speculation about a US Bitcoin reserve in Trump’s first 100 days surged to 69% shortly before Bitcoin’s price spike. The timing aligns with the launch of Trump’s memecoin, Official Trump (TRUMP), which reportedly multiplied his net worth significantly after achieving record-breaking growth.
Bitcoin’s latest milestone underscores its increasing integration into global financial systems, driven by political developments and market speculation. As Trump assumes office, his actions are likely to shape the trajectory of cryptocurrency adoption and regulation in the US.
Source: Cointelegraph
Trump memecoins ignite altcoin boom, analysts predict altseason
The launch of memecoins by Donald Trump’s team could signal a major shift in the cryptocurrency market, drawing retail investors toward high-risk assets like memecoins and smaller altcoins. On January 18, the Official Trump (TRUMP) token was launched, followed by the Official Melania (MELANIA) token on January 19, both on the Solana network.
According to blockchain expert Anndy Lian, these launches represent a “pivotal moment” for the crypto industry, comparable to the initial coin offering (ICO) boom. Lian highlighted the scale of financial and celebrity backing behind these tokens, suggesting they could drive market caps into billions.
Despite initial enthusiasm, the TRUMP token experienced significant volatility. After peaking at a $14.9 billion market cap, it fell over 27% to $10.8 billion within a day. The MELANIA token’s launch added to the turbulence, wiping $5 billion from TRUMP’s market cap as its price dropped 38%.
CryptoQuant CEO Ki Young Ju described this as a turning point for memecoins and the broader market, emphasizing the decentralized and global nature of crypto markets that encourage meme-driven assets. Ju predicted that such trends could reshape the financial landscape over the next four years under Trump’s administration.
The memecoin frenzy has also sparked speculation about a potential altseason. Analysts like Valentin Fournier from Blockhead Research believe capital may rotate from major cryptocurrencies like Bitcoin and Ethereum into smaller, high-risk assets. However, others criticized the memecoin launches as “pump and dump” schemes benefiting the Trump family financially.
This era of political memecoins highlights growing investor appetite for high-risk opportunities but raises questions about long-term market stability and ethics.
Source: Cointelegraph
Lawmakers probe tech and crypto donations to Trump fund
US Senators Elizabeth Warren and Michael Bennett have launched an investigation into substantial donations from tech and crypto firms to Donald Trump’s inauguration fund. The inquiry focuses on whether these contributions seek to influence policy decisions or gain regulatory favors under the Trump administration.
A notable figure in the spotlight is OpenAI CEO Sam Altman, who personally donated $1 million to the fund. Altman emphasized that the donation was made independently, without OpenAI’s involvement. However, the scrutiny reflects broader concerns about corporate influence in politics, particularly from tech giants and cryptocurrency firms.
The senators’ January 17 letter requested detailed explanations from OpenAI regarding Altman’s donation, including approval processes and any communications with Trump’s team. Other contributors include major tech companies like Microsoft, Google, and Amazon, alongside crypto firms such as Coinbase, Ripple, and Kraken. Collectively, crypto firms donated approximately $10 million, reflecting optimism about potential favorable regulatory policies.
Warren and Bennett voiced concerns that such contributions might erode fair competition, workers’ rights, and consumer protections while fostering unchecked monopolistic practices. They highlighted that several donor companies are already under federal investigation for various legal issues.
The senators set a January 31, 2025, deadline for responses, urging transparency about the donations’ motivations. Altman responded on Twitter, reaffirming the personal nature of his contribution.
This investigation underscores growing tensions over corporate money in politics and its implications for governance and regulatory integrity.
Source: Coinpaprika