The price of bitcoin has surged on Tuesday amid hopes that Donald Trump is about to sign a pro-crypto executive order as one of his first acts as US president,.
Trump has promised to promote digital currencies during his presidency, suggesting that he will loosen regulations and help booster their adoption.
But as his presidency approached, he also offered more specific support to the cryptocurrency market. After the launch of his own $TRUMP coin, his wife launched her own $MELANIA competitor – the combination of which led to volatility in the cryptocurrency market.
Trump launched his own coin on Friday night, marketing it with a picture of himself holding a fist up superimposed over the words “FIGHT FIGHT FIGHT,” a reference to his response to an assassination attempt at a political rally in July.
Other cryptocurrencies have also shot up in recent days, taking the overall crypto market cap above $3.5 trillion for the first time in its history.
The price of bitcoin is back above $106,000, having fallen as low as $100,000 earlier today. This follows the news of MicroStrategy buying another sizable chunk of cryptocurrency, as well as speculation that Trump will sign some sort of pro-crypto executive order “imminently”.
Other cryptocurrencies are also surging, most notably Ripple (XRP) and Solana (SOL), which are both up by more than 20 per cent week-on-week.
Solana has seen a significant boost from having both the $TRUMP and $MELANIA meme coins built using its network.
If you want to learn more about Solana, here’s a run-down of everything you need to know about the world’s fourth most valuable cryptocurrency:
MicroStrategy chairman Michael Saylor, who has been one of the world’s most prominent bitcoin advocates for several years, has just announced that his company has acquired another 11,000 BTC.
That brings the firm’s total holdings to 461,000 – worth nearly $50 billion at today’s prices.
This makes MicroStrategy the world’s largest holder of bitcoin, controlling a significant chunk of the 21 million bitcoins that will ever exist. Any indication that MicroStrategy aims to sell would be devastating to the market, though fortunately Saylor is also one of the world’s most vocal advocates of ‘Hodling’ and never selling.