Bitcoin hits new record high, dollar dips ahead of Trump inauguration – business live

Bitcoin hits new record high, dollar dips ahead of Trump inauguration – business live

Bitcoin rises by 4%, reversing earlier losses; Donald Trump meme coin price tanks after wife Melania also launches token

Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.

Bitcoin, the world’s best-known cryptocurrency, has hit a fresh record high ahead of Donald Trump’s inauguration in Washington DC later today, while the dollar dipped.

A good part of Trump trade has already happened – the small and mid-caps rallied, energy and financials outperformed and cryptocurrencies touched the sky. Therefore, the first week under Trump may not bring a lot of surprises… (but it may as well!) The WSJ writes that Donald Trump has already prepared 100 – yes 100 – executive orders to take swift action after today’s inauguration, including an order to make crypto a policy priority and giving insiders of the crypto market a good voice within his administration.

Trump launched a cryptocurrency of his own on the Solana blockchain and the coin gained up to 600% in three days reaching a $15bn capitalization before easing – a little bit – also sending Solana to a fresh record high.

5pm GMT: US Inauguration of Donald Trump in Washington D.C.

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