A new memecoin promoted by Trump on X and Truth Social has sent expectations of a Trump inauguration bombshell sky

Bitcoin, once the rebel flag-bearer of the cypherpunk movement, now finds itself embraced by the institutions it was designed to circumvent.

A widely followed cryptocurrency analyst and trader is leaning bullish on Bitcoin (BTC).The analyst and trader pseudonymously known as Bluntz tells his 309,200 followers on the social media platform X that Bitcoin has witnessed “savage price action” after falling to around $89,

The cryptocurrency market saw a notable surge on Saturday. Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE) all experienced a rise in value, as traders anticipate a potential ‘Trump bump’ with the upcoming second Donald Trump presidency.

The total value of all cryptocurrencies in circulation currently stands at $3.5 trillion, which is near a record high. Bitcoin ( BTC 1.17%) accounts for more than half of that value, thanks to its market capitalization of almost $2 trillion.

In December, Trump tapped Paul Atkins to lead the Securities and Exchange Commission. Atkins, a former SEC commissioner under President George W. Bush, has worked recently on digital assets and is set to replace Gary Gensler, who is seen by many as a crypto critic.

The world’s second-largest cryptocurrency, ethereum, and XRP, also posted gains this week. Ethereum is currently trading at more than $3,425 at the time of writing. XRP, too, saw a breakout price exceeding $3, allowing it to reach a seven -year high, transforming the token into the world's third -highest valued cryptocurrency.

The fall comes after the cryptocurrency experienced a meteoric rise, fueled in part by the reelection of Donald Trump.

From potential tariffs to a Bitcoin ‘renaissance’, here’s how traders expect the local sharemarket to fare beyond the US presidential inauguration.

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Ethereum accounted for over 51% of $6 billion lost in 2024 crypto hacks, highlighting vulnerabilities in its DeFi ecosystem and increased risks across Web3.