As Donald Trump prepares to take the oath of office for his second term on January 20, the world watches with curiosity and the crypto market is already responding. Bitcoin has reached an all-time high of $109,241, marking a 6% surge in an hour, as traders speculate on the pro-crypto policies Trump may announce. Here’s what to expect!
Trump’s Inauguration Ceremony
The inauguration ceremony will begin at 12 p.m. ET (17:00 GMT), where Chief Justice John Roberts will administer the oath of office. Trump’s victory over Kamala Harris in the 2024 presidential race has brought him back to the White House.
The crypto market is growing with excitement, fueled by Trump’s pledge to turn the U.S. into a global crypto hub. Just hours before the ceremony, Bitcoin hit a record $109K, with a market cap of $2.15 trillion.
Other cryptocurrencies also experienced significant gains, with Ethereum surging by 6% to reach $3,384.20. Meanwhile, XRP and Dogecoin saw notable increases of 5% and 2.4%, respectively.
Pro-Crypto Moves from Trump’s Administration
Trump’s administration is already taking steps that could favor the crypto market by appointing crypto-friendly leaders to key positions. He has chosen Paul Atkins, a former SEC official known for supporting deregulation, to lead the Securities and Exchange Commission (SEC).
Additionally, David Sacks, a former PayPal executive, has been named the White House crypto czar. Sacks will work on developing a legal framework for cryptocurrencies, a move long awaited by the industry.
Trump has also formed a new Department of Government Efficiency, led by Elon Musk and Vivek Ramaswamy, to drive innovation and reduce government costs.
Experts Weigh In
Market analysts are optimistic about the impact of Trump’s presidency on digital assets. Xremlin, a well-known market expert, believes this could be a “golden era” for crypto. He predicts that U.S.-based coins and assets tied to the Trump family could see significant growth.
Notably, Eric Trump has already revealed his investments in Bitcoin, Ethereum, Solana, and Sui, signaling confidence in established crypto assets.
Some experts even speculate that Trump’s inauguration speech could propel Bitcoin prices to $120,000 or higher.
