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Key Takeaways
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Bitcoin rose to a new all-time high of more than $109,000 ahead of the inauguration of U.S. President-elect Donald Trump on Monday.
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The price rise comes as the TRUMP meme coin was launched Friday evening and experienced a wild weekend of trading action. Incoming first lady Melania Trump launched her own meme coin on Sunday.
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Spot bitcoin ETF inflows neared $1 billion on Friday, as crypto investor optimism about the incoming Trump administration has been building.
Bitcoin hit a new all-time high above $109,000 ahead of the inauguration of Donald Trump on Monday, as investor optimism grows that the incoming president will adopt policies that benefit the crypto market.
The bitcoin price surge came as the president-elect and his wife Melania each launched meme coins over the weekend, adding to the notion that the arrival of the new administration will be a positive development for crypto investors.
Bitcoin was trading at around $103,500 recently, after moving as high as $109,300 overnight. The digital currency has gained nearly 50% since the early-November election, with a renewed surge in recent days amid hopes that Trump could soon announce crypto-related measures. Trump made no mention of bitcoin or cryptocurrency during his inaugural address.
Flows into spot bitcoin exchange-traded funds have underscored the optimism about 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 increased 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 has been part of a greater "Trump effect" on markets. During the presidential campaign, Trump made a number of promises that would be beneficial to the crypto industry.
Solana, which is the crypto network where the TRUMP and MELANIA meme coins were launched, also reached a new all-time high over the weekend.
The TRUMP meme coin has been a wild ride for speculators so far, with its market capitalization standing at just under $10 billion on Monday morning. The meme coin saw a 44% drop in less than an hour on Sunday around the time of the launch of the MELANIA meme coin.
UPDATE: This article has been updated with a reference to Trump's inaugural address and the latest price of bitcoin.
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