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Bitcoin Price Rollercoaster: Trump’S Return Sparks Market Frenzy
(MENAFN- The Rio Times) Bitcoin's price experienced significant volatility as Donald Trump's inauguration approached on January 20, 2025. The cryptocurrency market reacted strongly to the former president's return to office. Bitcoin traded at $108,800 by 6 AM GMT, showing a substantial increase from its daily low of $99,475.21.
Trading volume surged to $93.5 billion in 24 hours, far exceeding the recent average of $59.4 billion. This spike indicated heightened market activity and investor interest. Bitcoin ETFs saw mixed flows, with net inflows of $1.862 billion for the week ending January 17. BlackRock's IBIT and Fidelity's FBTC led with $745 million and $680 million in inflows, respectively.
Trump's newly launched cryptocurrency, $TRUMP , added another layer of complexity to the market. The token surged to $72, reaching a market cap of $15 billion. However, it later experienced a sharp decline and settled at $60 after Melania Trump launched her own cryptocurrency token, '$MELANIA .
As Trump takes office, the crypto community remains on edge. They anticipate potential executive orders, key regulatory appointments, and announcements regarding a U.S. strategic Bitcoin reserve. These factors will likely influence Bitcoin's performance in the coming weeks and months.
Bitcoin Price Rollercoaster: Trump's Return Sparks Market Frenzy
Bitcoin's technical indicators paint a mixed picture. The price trades above its 50-day moving average of $97,962 and its 200-day moving average of $74,610. This suggests a strong uptrend despite short-term fluctuations. Analysts identify key support levels at $100,000 and $95,000.
The crypto market's response to Trump's inauguration highlights the growing influence of politics on digital assets. Investors and traders alike recognize the need to adapt to rapidly changing regulatory landscapes. The coming days will prove crucial in determining the direction of the crypto market under the new administration.
Trading volume surged to $93.5 billion in 24 hours, far exceeding the recent average of $59.4 billion. This spike indicated heightened market activity and investor interest. Bitcoin ETFs saw mixed flows, with net inflows of $1.862 billion for the week ending January 17. BlackRock's IBIT and Fidelity's FBTC led with $745 million and $680 million in inflows, respectively.
Trump's newly launched cryptocurrency, $TRUMP , added another layer of complexity to the market. The token surged to $72, reaching a market cap of $15 billion. However, it later experienced a sharp decline and settled at $60 after Melania Trump launched her own cryptocurrency token, '$MELANIA .
As Trump takes office, the crypto community remains on edge. They anticipate potential executive orders, key regulatory appointments, and announcements regarding a U.S. strategic Bitcoin reserve. These factors will likely influence Bitcoin's performance in the coming weeks and months.
Bitcoin Price Rollercoaster: Trump's Return Sparks Market Frenzy
Bitcoin's technical indicators paint a mixed picture. The price trades above its 50-day moving average of $97,962 and its 200-day moving average of $74,610. This suggests a strong uptrend despite short-term fluctuations. Analysts identify key support levels at $100,000 and $95,000.
The crypto market's response to Trump's inauguration highlights the growing influence of politics on digital assets. Investors and traders alike recognize the need to adapt to rapidly changing regulatory landscapes. The coming days will prove crucial in determining the direction of the crypto market under the new administration.
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