Bitcoin rose to $105,000, ahead of Donald Trump’s inauguration for his second term on Monday.
Bitcoin’s price fell to around $90,000 earlier this month before recovering to $100,000 on Thursday. Since then, prices have continued to rise, reaching their highest level $105,900 Friday.
Trump’s new meme has excited the Bitcoin community and the cryptocurrency community in general
On Friday, Trump launched his new token, sending shockwaves through the world of Bitcoin and cryptocurrencies. Crypto investor and YouTuber Anthony Pompliano She even told investors to “fasten your seat belts,” saying financial markets are not prepared for what is to come. At the time, the meme’s market cap was close to $8 billionBut it has now risen to nearly $9 billion.
Moreover, Crypto trader cnbc Crypto Banter founder Ran Neuner commented:
“The Trump meme is real. This is just a glimpse of what we can expect for the next four years! You are not optimistic enough.”
~ Ran Neuner
Most analysts and traders are bracing for continued volatility in the cryptocurrency markets. However, Trump’s promotion of his new digital currency has sent an optimistic message that he intends to deliver on his promises with cryptocurrencies, fueling analysts’ expectations.
On Friday afternoon, Bitcoin was already trading at $104,800 before rising to $105,900 later in the day. Bitcoin is trading at $105,283, up 0.83% in the past 24 hours. The 24-hour trading volume is $50.24 billion.
News about potential cryptocurrency orders also helped push Bitcoin prices higher
Donald Trump is reportedly preparing to issue more than 100 executive orders immediately after his inauguration. Some have hinted that some of the executive orders will be related to Bitcoin or cryptocurrencies, raising expectations for higher prices once he is in office.
According to sources familiar with the matter, analysts should expect at least one executive order in the cryptocurrency space within Trump’s first 100 days.
Furthermore, the Consumer Price Index rose 2.9% in the 12 months through December. According to traders, this makes a Fed rate cut more likely, which could make Bitcoin more attractive.
As we await a new presidency, the collective views of many analysts paint a diverse picture of Bitcoin’s likely path. While some expect stability or modest gains, reflecting moderate optimism, others expect more pronounced volatility driven by investor sentiment and changes in the political climate.
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