Monday, February 10, 2025
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    HomeBusiness UpdatesMarket TrendsDollar Dips as Bitcoin Hits Record High Before Trump Inauguration

    Dollar Dips as Bitcoin Hits Record High Before Trump Inauguration

    Bitcoin reached a record high of $109,071.86 on Monday, fueled by softer US inflation data and expectations of Federal Reserve rate cuts, before settling at $107,120. This surge came as investors anticipated policy changes from Donald Trump, who has promised to be a “crypto president” and is expected to promote digital assets through executive orders. However, analysts warned that delays in these measures could trigger a “sell the news” reaction.

    The US dollar index fell by 0.36% to 109.02, retreating from last week’s 26-month high. Despite this drop, the dollar has gained 4% since Trump’s November election win, with hopes that his policies will spur economic growth and inflation. Some analysts foresee a further 5% rise, though concerns about trade tariffs and policy delays linger.

    The yen remained near a one-month high amid speculation of a potential Bank of Japan rate hike. Trump also reiterated plans for strict immigration limits at a rally, adding to market uncertainty.

    The crypto market was further shaken by the launch of the “official” Donald Trump memecoin, which briefly reached a $14 billion market cap. This was quickly overshadowed by Melania Trump’s $MELANIA coin, which surged to over $5 billion in market cap following its unexpected debut.

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