Bitcoin sets a new record on Trump’s inauguration day
20 January 13:41
The most popular and expensive cryptocurrency, bitcoin, has set a new record again. This time, it is associated with the planned inauguration of Donald Trump, which is scheduled to take place in a few hours, according to Komersant ukrainskyi.
As of 13:17 Kyiv time, bitcoin is worth almost 108 thousand dollars. US DOLLARS. This figure already reflects a slight pullback – a few hours ago, the currency was worth more than 109 thousand dollars. In any case, a new all-time high was set today.
This growth is happening a few hours before Donald Trump’s inauguration as President of the United States, but it has a little history of its own.
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New currencies: $TRUMP and $MELANIA
On Friday, January 17, Donald Trump launched his own $TRUMP meme coin, which made a splash in the market, became the most dynamic asset within two days and surpassed all cryptocurrencies in terms of capitalization, except for bitcoin itself.
However, the very next day after Trump’s currency appeared, a new cryptocurrency appeared – $MELANIA. It was launched by his wife Melania Trump.
Although meme coins, the so-called non-fundamental cryptocurrencies, are not supposed to have a high market value, the BBC reports that the total market value of Trump’s currency is already about $12 billion, and Melania Trump’s currency is about $1.7 billion.
Against this backdrop, bitcoin and most altcoins fell sharply, with the main cryptocurrency at one point even dropping below $100,000.
Today, in anticipation of Trump’s inauguration, bitcoin has rebounded and at one point even reached $109,420.
This raised BTC’s market capitalization well above $2.1 trillion, making it the seventh largest asset by this measure again. The next on the list are Amazon ($2.375 trillion) and Alphabet ($2.4 trillion).
Bitcoin: the dossier
Bitcoin is the world’s first and most popular cryptocurrency, which appeared in 2009. It was created by a person or a group of people under the pseudonym Satoshi Nakamoto, who remains anonymous. Bitcoin is based on blockchain technology and has no centralized governing body.
Bitcoin is “mined” using a special mining technology, which is a digital analogy to the mining of physical minerals. Similarly to physical minerals, the number of Bitcoins is limited – there are only 21 million tokens. So far, 19 million tokens have been mined, which is more than 90% of all “deposits”. Therefore, mining is becoming more and more difficult and expensive.
Bitcoin, like anything else in the world, can be exchanged for anything else, including traditional currencies. The value of Bitcoin shows the level of trust in it.
Bitcoin is considered a reliable and well-secured currency with a very high level of confidentiality. In the Bitcoin system, all information about transactions is open, but information about owners is completely anonymous. That is why Bitcoin, like some other cryptocurrencies, is popular among Ukrainian corrupt officials.
Initially, Donald Trump called cryptocurrencies a fraud, but during the last election campaign he changed his mind dramatically. Trump talks about maximizing the promotion of cryptocurrencies in the United States and promises to make the United States the cryptocurrency capital of the world. The current boom in bitcoin and the cryptocurrency market in general is taking place against the backdrop of these promises.
