On January 20, 2025, the cryptocurrency market experienced significant movements, influenced by key global events.
Cryptocurrency Market Overview
Bitcoin (BTC) reached an intraday high of $109,299.00 and is currently trading at $104,583.00. Ethereum (ETH) peaked at $3,452.70 and stands at $3,317.62. Tether (USDT) remains stable at $0.998697. BNB is at $683.65, with an intraday high of $719.96. XRP is trading at $3.27, after reaching $3.34 earlier. Cardano (ADA) is at $1.044, with a high of $1.099. Dogecoin (DOGE) is at $0.366523, after peaking at $0.397879. Solana (SOL) stands at $249.06, with a high of $276.79. Litecoin (LTC) is trading at $118.56, after reaching $125.52.
Global Events Impacting the Market
Today marks the inauguration of Donald Trump for his second term as U.S. President. The ceremony is taking place indoors at the Capitol Rotunda due to frigid temperatures. Prominent figures, including Barack Obama, Elon Musk, and Jeff Bezos, are in attendance. Trump plans aggressive first-day actions, including executive orders on immigration and border security. citeturn0news18
In the financial sector, the London Metal Exchange (LME) has designated Hong Kong as a new location in its global metals storage network, aiming to use it as a gateway to mainland China. This move is expected to enhance connectivity to the Chinese market. citeturn0news19
Trump's Cryptocurrency Initiatives
In a surprising development, President Trump and his wife Melania have launched their own cryptocurrencies, $TRUMP and $MELANIA. The $TRUMP coin surged to $76.94, briefly reaching a market value of $15 billion. Melania's $MELANIA coin also saw substantial gains, trading at $0.035 after an 800% increase. These launches coincided with a rally in Bitcoin and other major cryptocurrencies, indicating strong market optimism about Trump's pro-crypto stance. citeturn0news21
Conclusion
The convergence of political events and new cryptocurrency initiatives has contributed to a dynamic financial environment today. Market participants are closely monitoring these developments to assess their potential long-term impacts.
navlistKey Events on January 20, 2025
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