Bitcoin sets historic record

Bitcoin rose to a new all-time high of $109,588 on Monday as traders braced for big gains ahead of President Donald Trump's inauguration. Trump touted the record performance in a speech on Sunday alongside gains in the overall U.S. stock market.

"Since the election, the stock market has surged and small business optimism has risen by a record 41 points to a 39-year high. Bitcoin has broken record after record," Trump said.

As of 11:50 GMT, Bitcoin was up 6.76 percent to $108,081, gaining over 14 percent in the last week.

Trump, Melania launch cryptocurrencies

Bitcoin reversed losses from earlier in the day, when it fell to nearly $100,000 from $102,000 on Sunday, as First Lady Melania Trump launched her own cryptocurrency. In a post on social media platform X, she announced that investors “can buy $MELANIA now.” The token was trading at $9.62 after reaching $13.64 earlier in the session.

Trump also launched his own cryptocurrency on Friday via the Solana Blockchain network. On Monday, the $TRUMP coin fell 25.78 percent to trade at $53.87, according to CoinMarketCap. With the launch, Trump further expanded his cryptocurrency interests, which already include World Liberty Financial.

“The TRUMP coin, as well as the official cryptocurrency of first lady Melania Trump, are among the biggest winners. It remains to be seen whether Trump’s inauguration and upcoming term will result in positive developments for the crypto sector, as predicted by experts across the globe,” said Vijay Valecha, chief investment officer, Century Financial./ CNA

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