Trump’s cryptocurrency jumps on his first day as US president economy

Value increased Cryptocurrency US President Donald Trump’s new currency reached more than $10 billion in the market on Monday, while enthusiasm for his pro-cryptocurrency administration helped raise… Bitcoin to a new high for a short time.

Trump’s so-called “meme currency” was launched on Friday night, rising from less than $10 on Saturday morning to $74.59 before giving up some of its gains yesterday, Monday.

Meme currencies are digital currencies that are often inspired by memes and jokes on the Internet.

Cryptocurrency price tracking platform CoinGecko reported that the token, branded ($Trump) and criticized by ethics experts, hit $33.88 in most recent trading.

World Liberty Financial, a separate crypto project linked to Trump, also announced Monday that it had completed an initial token sale, raising $300 million, and would look to issue additional tokens.

A golden age of cryptography

Trump’s expanding interest in cryptocurrencies comes as his administration is widely expected to herald a “golden age” for cryptocurrencies, in stark contrast to the regulatory scrutiny the industry saw under former President Joe Biden.

Bitcoin – the largest cryptocurrency in the world – reached a new record of $109,71 on Inauguration Day when Trump was sworn in as President of the United States, before these gains were later reduced to record $101,867.40 in the latest trading.

“The cryptocurrency market has gained additional popularity in recent hours due to the launch of the Trump and Melania cryptocurrencies just before the inauguration,” Grigorz Drozd, market analyst at Konotoxia, said in a statement.

Two currencies were issued Trump and Melania are encrypted on the Solana cryptocurrency blockchain. The Melania Coin was launched on Sunday.

The price of the Solana coin also rose at the beginning of this week, reaching an all-time high of $294.33 on Sunday.

The Trump token was launched on Friday and traded for less than $10, but rose quickly, peaking at $72.62 on Sunday.

It declined yesterday, Monday, as it fell from $52.15 to trade in the $30 range late in the day.

Criticisms

The new cryptocurrencies of Donald Trump and his wife Melania Trump (launched the day before yesterday, Sunday) sparked criticism from executives in the cryptocurrency sector, who were expecting more serious dealings with the industry by the new administration, according to Bloomberg.

Some executives said a currency bearing the US president’s name would do more harm than good to an industry trying to rebuild its reputation.

Bloomberg quoted Rob Haddick, general partner at the cryptocurrency-focused venture capital firm Dragonfly Capital, as saying that Trump’s coins “have now become a scourge that we must work to get rid of as creators.”