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Home»Finance»Bitcoin Hits Record, Dollar Falls on Trump’s Inauguration Day
Finance

Bitcoin Hits Record, Dollar Falls on Trump’s Inauguration Day

January 21, 2025No Comments3 Mins Read
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Bitcoin Hits Record, Dollar Falls on Trump’s Inauguration Day
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Bitcoin set a brand new peak above $109,000 and the U.S. greenback fell Monday, with traders contemplating the implications of a second Donald Trump presidency.

Inventory futures rose, following good points for fairness markets in Asia and Europe. As of about 12:05 p.m. ET, shortly after Trump was sworn into workplace, contracts tied to main indexes stood about 0.5% increased. U.S. inventory and bond markets had been shut Monday to mark Martin Luther King Jr. Day.

Bitcoin spiked to commerce as excessive as $109,225, an intraday report, in line with a CoinDesk index, earlier than slipping again. It traded beneath $105,000 shortly after Trump was sworn in.

Trump has positioned himself as a cryptocurrency champion, vowing strikes akin to establishing a U.S. bitcoin stockpile. Since he was elected, bitcoin has surged greater than 50%.

The president-elect and his spouse, Melania, started promoting new cryptocurrencies in current days, meme cash named $TRUMP and $MELANIA. The tasks shortly drew disapproval, with some critics saying the tokens create vital conflicts of curiosity.

Forward of the inauguration, The Wall Avenue Journal reported Trump doesn’t plan to levy tariffs on his first day in workplace—a situation that many buying and selling companions feared.

The greenback prolonged losses, with the WSJ Greenback Index sliding 0.8% to a near-two-week low, whereas currencies of economies that had been anticipated to be hit laborious by tariffs strengthened. As of round noon, the British pound, the euro, the Mexican peso, the Canadian greenback and the offshore Chinese language yuan had every gained 0.8% or extra towards the greenback.

Traders had been bracing for Trump to problem a blitz of government orders hours after changing into president, spanning border management, vitality and authorities overhauls.

“As soon as these government orders begin coming by and the implications of these are analyzed, that’s the place you’ll see sway on markets,” mentioned Susannah Streeter, head of cash and markets at Hargreaves Lansdown.

That can seemingly hold asset costs risky, Streeter mentioned. “It could possibly be that among the worst fears might not materialize; however, there could possibly be a transfer that comes out of the blue.”

Many investors are bracing for potential turbulence as a result of Trump’s promised policies.
Many traders are bracing for potential turbulence because of Trump’s promised insurance policies. – Kayla Bartkowski/Getty Pictures

U.S. shares made huge good points final week, following robust financial institution earnings and an inflation report that instructed underlying worth pressures are easing. However many traders are bracing for potential turbulence, worrying that Trump’s promised insurance policies, together with hefty tariffs, may reaccelerate inflation—with far-reaching penalties for markets and Federal Reserve coverage.

Inventory indexes in Asia rose Monday. Trump and Chinese language chief Xi Jinping spoke by telephone Friday, and Trump has advised advisers he needs to journey to China after taking workplace, the Journal reported. Boosting optimism, the Chinese language-owned social-media app TikTok began restoring service Sunday for its U.S. customers, hours after shutting down.

Hong Kong’s Hold Seng Index added 1.7%, whereas the Shanghai Composite ticked up. In Europe, the broad Stoxx Europe 600 rose lower than 0.1%.

Brent crude futures, the worldwide oil benchmark, fell greater than 1% to commerce beneath $80 a barrel.

This week will deliver a flurry of earnings from corporations akin to Netflix, United Airways, Procter & Gamble and American Specific. Curiosity-rate selections are due from central banks in nations together with Japan, Norway and Turkey.

Write to Caitlin McCabe at caitlin.mccabe@wsj.com

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