Bitcoin Dips Below $100K as TRUMP Coin Falls 30% and MELANIA Surges
Bitcoin (BTC) experienced a decline during Monday's Asian trading hours, dropping 4.5% to briefly fall below $100,000. Other cryptocurrencies like ETH, XRP, SOL, and BNB suffered greater losses, with ADA and DOGE declining over 10%.
- Memecoins TRUMP and MELANIA saw significant trading activity.
- TRUMP, linked to Donald Trump, fell 30% to $49 after reaching high trading volumes over the weekend.
- MELANIA, launched by Melania Trump, surged 24,000% to $13, impacting liquidity for TRUMP.
- This trading frenzy is seen as indicative of a potential bull market phase, possibly influencing BTC price movements.
- Jeff Dorman from Arca noted that regulatory concerns have diminished with Trump involved in crypto issuance.
- There are expectations that Trump may announce a strategic bitcoin reserve on his first day in office.