The price of the most prominent cryptocurrency, Bitcoin, jumped to a new all-time high in early trading on Monday as US President-elect Donald Trump is about to take office in the United States.
Bitcoin users are calling the successive rises in the cryptocurrency market the “Trump effect,” due to his support for the industry during his election campaign and his pledge to regulate the market in his country.
In early trading on Monday, the price of Bitcoin jumped 5.5 percent to settle at $109.2 thousand per unit, the highest level for the cryptocurrency ever.
Later today, US President-elect Donald Trump will perform the priesthood followed by the inauguration ceremony to be the next president of the United States, succeeding President Joe Biden.
Bitcoin’s rise also came after Trump and his wife Melania unveiled the memecoins currency over the weekend, with the market value of Trump’s currency reaching more than $15 billion before falling to $12 billion.
While his wife Melania launched her own cryptocurrency on Sunday, it surged 182 percent to settle at a market cap of $1.7 billion. The meme coin briefly rocked the digital asset market, draining flows from Bitcoin and smaller tokens.
