The 18th-largest cryptocurrency is $TRUMP
The market has been blown away by Donald Trump’s newly established cryptocurrency, $TRUMP, which on Monday reached an incredible market value of about $12 billion. By 0820 GMT, $TRUMP had risen to $58.56 and reached a market capitalization of over $11.7 billion, according to CoinMarketCap, as bitcoin surged to a new all-time high. With $52.5 billion in 24-hour trading volume, it has risen to the 18th position among cryptocurrencies.
Ownership and Prior Initiatives
According to its official website, the $TRUMP coin is mainly controlled by Fight Fight Fight LLC and CIC Digital LLC, a subsidiary of The Trump Organization. Trump has already made forays into the cryptocurrency space with World Liberty Financial and others.
Joining the Crypto Movement, Melania Trump
Melania Trump’s Sunday cryptocurrency launch added to the buzz. Her coin has further highlighted the Trump family’s strong involvement in the digital asset field, trading at $12.03 with a market valuation of $1.9 billion as of 0820 GMT.
Bitcoin Hits New Highs
In the meantime, bitcoin rose 10% this month to a new all-time high of $109,071.86 during early European trading on Monday. Part of the reason for the rise is the optimism surrounding Trump’s cryptocurrency proposals.
Market Reaction and Policy Commitments
One of Trump’s campaign pledges was to lower regulatory hurdles and promote the use of cryptocurrencies. Since his election victory in November, the cryptocurrency market has been electrified by plans for executive actions addressing these issues, which has further fueled the rally of bitcoin.
Day of Inauguration
Donald Trump will take office on Monday at noon ET (1700 GMT), ushering in a new era for both the digital economy and U.S. politics, as the cryptocurrency market responds to these events.
