Crypto Outlook Today: How Will Trump’s Inauguration Impact Bitcoin’s Price?
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As Donald Trump prepares to take the oath of office for his second term on January 20, the crypto market is already reacting in a big way. Bitcoin has surged to a record-breaking $109,241, jumping 6% in just one hour, as traders speculate about what pro-crypto policies the new administration might introduce.
What can we expect from Trump’s second term, and how will his moves impact the crypto market? Read on to find out.
Trump’s Inauguration: A New Chapter for Crypto?
The inauguration ceremony will start at 12 p.m. ET (17:00 GMT), with Chief Justice John Roberts swearing Trump in for his second term. After defeating Vice President Kamala Harris in the 2024 presidential race, Trump is returning to the White House, and the crypto market is watching closely for what might come next.
The crypto market is full of excitement, fueled by Trump’s promise to make the U.S. a global crypto hub. Just hours before the ceremony, Bitcoin hit a record $109K with a market cap of $2.15 trillion. This rise is just the beginning.
Other major cryptocurrencies also saw strong gains. Ethereum jumped by 6%, reaching $3,384.20, while XRP rose 5%, and Dogecoin increased by 2.4%. The market is buzzing with optimism as expectations grow for Trump’s crypto-friendly policies.
Pro-Crypto Cabinet Under Trump
Trump is already appointing leaders who are expected to support the crypto market. Paul Atkins, a former SEC official who supports deregulation, has been chosen to lead the Securities and Exchange Commission (SEC), signaling a more crypto-friendly approach to regulation.
David Sacks, a former PayPal executive, has been appointed the White House crypto czar. Sacks will work on creating a legal framework for cryptocurrencies, something the industry has long wanted.
In addition, Trump has formed a new Department of Government Efficiency, led by Elon Musk and Vivek Ramaswamy. The department aims to boost innovation and reduce government costs, which could create more opportunities for the crypto sector.
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.
Eric Trump has already revealed his investments in Bitcoin, Ethereum, Solana, and Sui, showing confidence in well-established crypto assets. This move could encourage other investors to follow his lead.
Some experts speculate that Trump’s inauguration speech could drive Bitcoin prices up to $120,000 or more. With strong appointments and a clear focus on crypto, the market is likely to see further growth in the coming months.
With a pro-crypto stance gaining momentum, the digital asset market may look very different by the time Trump finishes his second term.
