The US dollar weakened on Monday while Bitcoin soared to an all-time high of $109,071.86 ahead of Donald Trump’s inauguration. Bitcoin’s surge, which later settled 4.2% higher at $107,120, was driven by softer US inflation data and expectations of multiple Federal Reserve rate cuts.
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The dollar index dropped 0.36% to 109.02, retreating from its 26-month high. Analysts believe Trump’s anticipated executive orders on trade tariffs and digital asset promotion could further influence the greenback.
In the crypto space, Trump launched the “official” Donald Trump memecoin, which hit a $14 billion market cap shortly after its debut. Chaos ensued when Melania Trump introduced her cryptocurrency, $MELANIA, reaching a $5 billion valuation within hours.
