Bitcoin Surges Past $109K on Trump’s Presidential Inauguration

The days leading up to inauguration of Donald Trump as the 47th President of the United States have made some impact on the cryptocurrency market. Namely, Bitcoin has seen a record-breaking surge which made it pass the $109k.

The Trump Family Unveils Memecoins; Stirring the Market

According to CNBC, the surge can be attributed to the launch of two memecoins from the Trump family. Trump released the “Official Trump” (TRUMP) memecoin last Friday, which saw it reflect an astonishing increase of over 659% resulting in a market capitalization of $10.6 billion.

However, the TRUMP memecoin has dropped approximately 27% from its peak price of around $73 per coin on Monday due to volatility.

Meanwhile, Melania Trump launched a memecoin of her own. The “Melania,” which began trading Sunday evening, has managed to establish a $1.3 billion market cap and has seen a 14% increase since its launch.

The Melania memecoin has significantly impacted the value of the official Trump coin. At one point, TRUMP nearly halved its market cap, dropping from its previous position as the 12th largest cryptocurrency to now ranking 22nd in terms of market capitalization.

That said, cryptocurrency experts have noted that the release of the two memecoins have instilled a renewed sense of optimism among traders, suggesting that the incoming administration may adopt a favorable stance towards cryptocurrency.

Bitcoin Expected to Reach $130k, Other Crypto Affected

On top of the introduction of the Trump Family’s memecoins in the cryptocurrency market, one of the other main factors that saw Bitcoin’s surge this past week was the speculation that Trump might announce an executive order prioritizing cryptocurrency early in his presidency.

Bitget CEO Gracy Chen underscored that the prospect of President Trump announcing EOs pertaining to cryptocurrency is significantly influencing Bitcoin’s price trajectory,

“Rumors that cryptocurrency may be declared a national interest by the United States during the inauguration are having a positive effect on the price of Bitcoin,” Chen stated.

That said, Chen also noted that the launch of the Trump family tokens has redirected some capital that could have fueled Bitcoin’s growth further.

What does This Mean for Crypto Casinos?

For crypto casino players, they should monitor the crypto currency market for any significant movement over the next few days and weeks. While Bitcoin is slated to continue its bullish ascent, other crypto currencies might get negatively affected, especially with TRUMP and Melania memecoins still stimulating the market.

Moreover, players should expect further movement with their preferred crypto in the event that President Trump does begin issuing the Executive Orders pertaining to the crypto industry.