Ahead of Trump's inauguration, Bitcoin's price hit a new all-time high (ATH) above $109,000, as markets gained fresh momentum.
On Saturday Jan 18, Trump announced his new memecoin $TRUMP. The token has already claimed the 18th spot in market cap, valued at $11.8 billion, making it the most successful memecoin launch in history.
The launch of $TRUMP has created a complex market dynamic where traditional financial institutions' skepticism about crypto may be reinforced, especially given that 80% of the token supply is controlled by developers. This was further complicated when Melania Trump announced her own token ($MELANIA), causing a 40% drop in $TRUMP's value.
As Trump's inauguration approaches, the crypto market faces unprecedented uncertainty: while Bitcoin price action depends on his upcoming statements, his credibility as a Bitcoin advocate is compromised by launching the $TRUMP memecoin. This contradiction risks damaging institutional trust in the crypto space, regardless of his future stance on Bitcoin.
The blockchain hosting the Trump memecoin experienced its own success, with Solana reaching an all-time high near $293. Additionally, the uptick in trading volumes from around $4 bn to $26 bn generated over $35 million in fees with at least $17 million in revenue.
Stablecoin market cap reached a new high of $201.4 bn. Over the past week, the market cap has increased by 1.81%. Notably, the USDC 24h volume rose 84.75% to $33.17 bn while the USDT 24h volume rose 121.83% to $313.83 bn.
Crypto.com has become the first major global crypto exchange to secure the EU's Markets in Crypto Assets (MiCA) license.
On Jan 17, the European Securities and Markets Authority (ESMA) published an official statement according to which starting from February 1st 2025, crypto exchanges should impose restrictions on USDT for all EU citizens due to MiCA.
Earlier this week, the US federal court ruled that 94,643 of 119,754 BTC stolen in the 2016 Bitfinex exchange hack must be returned to the exchange, which is recognized as the sole victim of the crime.