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Cryptocurrency News Articles
Trump's New Cryptocurrency Soars to Nearly $12 Billion in Market Value
Jan 20, 2025 at 07:12 pm
Donald Trump's newly-created cryptocurrency soared on Monday to nearly $12 billion in market value, drawing in billions in trading volume
Donald Trump's new cryptocurrency soared to nearly $12 billion in market value on Monday, attracting billions of dollars in trading volume, as bitcoin hit a record high just hours before the U.S. President-elect returned to the White House.
Launched on Friday, Trump's meme coin, also known as $TRUMP, rose to $58.56 at 0820 GMT on Monday, giving it a market capitalization of about $11.7 billion, according to CoinMarketCap, which ranked it as the 18th biggest cryptocurrency. Its 24-hour trading volume reached $52.5 billion.
Trump had launched the digital token on Friday with branding that included an image from his attempted assassination in July, expanding his cryptocurrency interests that already include World Liberty Financial. Of the total number of tokens, 80% are owned by CIC Digital LLC, which is an affiliate of Trump's business The Trump Organization, and another business called Fight Fight Fight LLC, the token's website said.
Melania Trump launched her own cryptocurrency on Sunday, which was trading at around $12.03, with a market cap of $1.9 billion, at 0820 GMT, according to CoinMarketCap.
Bitcoin hit at new all-time high of $109,071.86 in early European trading. The world's largest cryptocurrency has surged more than 10% so far this month.
PANDORA'S BOX
Even cryptocurrency community participants were surprised by the launch of Trump's meme coin.
"While it's tempting to dismiss this as just another Trump spectacle, the launch of the official Trump token opens up a Pandora's box of ethical and regulatory questions," said Justin D'Anethan, an independent crypto analyst based in Hong Kong.
While the coin represented a blending of the world of decentralized finance (DeFi) into the political arena, it also "blurs the lines between governance, profit, and influence," D'Anethan said.
"Should public figures, especially those with such political clout, wield this kind of sway in speculative markets? That's a question regulators are unlikely to ignore," he said.
Peter Schiff, chief economist and global strategist at Euro Pacific Asset Management, pointed to the jump in $TRUMP's value and called it the new digital gold, on messaging platform X.
Trump has promised to be a "crypto president," and is expected to issue executive orders aimed at reducing crypto regulatory roadblocks and promoting widespread adoption of digital assets.
He is due to assume the presidency at noon ET (1700 GMT) on Monday.
The prospect of looser regulations around crypto policy has been met with fanfare by the industry and had turbocharged a rally in bitcoin following Trump's election victory in November.
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- Top 5 Most-Searched Cryptocurrencies of February 2025: ETH, UNI, USDT, APE, and WIF
- Feb 01, 2025 at 05:20 pm
- The cryptocurrency landscape is constantly evolving, with specific tokens gaining significant traction in the market. As of February 1, 2025, the Token Mindshare metric, which quantifies the influence of tokens, reveals the top five most-searched cryptocurrencies that are capturing the attention of investors and enthusiasts.
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- Ethereum is steadily sitting in Diaoyutai, but XRP coin holders have turned to fascinated the Yin currency market
- Feb 01, 2025 at 05:20 pm
- In a cryptocurrency market that is often defined, Ethereum (ETH) is standing firmly. Despite the continuous market fluctuations, Ethereum continues to maintain more than $ 3,000, and has been supported by decentralized finance (DEFI), intangible homogeneous tokens (NFT) and pledge. This stable performance has positioned Ethereum as one of the top digital assets in the market. But at the same time as Ethereum flourished, an interesting change in the group of Ripple (XRP) coins.
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- Grayscale Joins Growing List of XRP ETF Applicants, But SEC Approval Remains Uncertain
- Feb 01, 2025 at 05:20 pm
- Grayscale Investments has officially joined the race to launch an XRP Spot ETF, submitting an application to convert its $16 million XRP Trust into a tradable ETF on the New York Stock Exchange.
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- Dogecoin (DOGE) Captures Renewed Market Attention as Whale Activity Surges, Signaling a Potential Bullish Move
- Feb 01, 2025 at 05:20 pm
- Amid significant market volatility, Dogecoin (DOGE) has captured renewed attention as whale activity surged over the weekend. Recent on-chain data reveals that large-scale investors accumulated nearly 600 million DOGE in just one week.
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- Grayscale Files to Convert Its XRP Trust into an ETF, Signaling Growing Institutional Interest in the Digital Asset
- Feb 01, 2025 at 05:10 pm
- The cryptocurrency investment landscape has undergone significant changes in recent years, with institutional investors increasingly looking for regulated and accessible ways to gain exposure to digital assets. Among the various investment vehicles available, cryptocurrency trusts and exchange-traded funds (ETFs) have emerged as popular choices. One of the latest developments in this space is Grayscale Investments’ decision to convert its XRP Trust into an ETF. If approved, this move could mark a major milestone for XRP adoption and investment accessibility in the United States. This article delves into the details of the Grayscale XRP Trust, the motivations behind its ETF transition, and the potential implications for the market.