Bitcoin Hits Record, Dollar Falls On Trump’s Inauguration Day
Bitcoin set a new peak above $109,000 and the U.S. dollar fell on Monday, as investors weighed the implications of a second Donald Trump presidency.
Stock futures rose following gains in Asian and European equity markets. At around 12:05pm ET, shortly after Trump was sworn into office, futures tied to the major indexes were up 0.5%. U.S. stock and bond markets were closed Monday to observe Martin Luther King Jr. Day.
Bitcoin rose to trade as high as $109,225, a daily record According to CoinDesk indexbefore sliding back. It traded below $105,000 shortly after Trump was sworn in.
Trump has positioned himself as a cryptocurrency champion, promising such activities The founding of American Bitcoin Stock. After he was elected, bitcoin rose more than 50%.
The President-elect and his wife, Melania; He started selling new cryptocurrencies Meme coins named $TRUMP and $MELANIA in recent days. The projects quickly fell into disfavor, with some critics saying the tokens pose serious conflicts of interest.
Before graduation, According to the Wall Street Journal, Trump does not intend to impose tariffs. The first day in the office – a situation that many business partners dread.
The dollar extended losses, with the WSJ dollar index down 0.8% to a two-week low, as currencies expected to be hit hardest by tariffs strengthened. By midday, the British pound, euro, Mexican peso, Canadian dollar and offshore Chinese yuan had each gained 0.8% or more against the dollar.
Investors were to cheer for Trump. Flashing executive orders Hours after he became president, he would push through border control, energy and government reforms.
“Once those executive orders start coming in and the implications are analyzed, that’s where you’re going to see swings in the markets,” said Susanna Streeter, head of money and markets at Hargreaves Lansdowne.
That probably makes property prices more volatile, Streeter said. “Some of the worst fears may not materialize; on the other hand, there may be movement out of the blue,” he said.
US stocks are made. Big profit last weekfollowing Strong bank earnings And the inflation report indicated Price pressures are easing.. But many investors are worried that Trump’s promised policies, including tougher tariffs, could accelerate inflation and are weighing more consequences for stocks and markets. Federal Reserve Policy.
