Trump takes credit for US stock market surge and Bitcoin's recent all-time high

PANews reported on January 20 that according to The Block, in his last speech before taking office, U.S. President-elect Donald Trump attributed the stock market surge and Bitcoin’s recent record highs to himself. Donald Trump said at the rally: “You have seen results that no one expected, with stocks soaring and small business optimism surging 41 points to a 39-year high since the election. Bitcoin has surged again and again It’s a record high. This is the Trump effect.”

U.S. stocks have continued to rise over the past year, reaching a high in early December, shortly after the election. The S&P 500 reached a peak valuation of 6,090 points on December 11, while the Nasdaq reached a high of 20,204 points on December 16. As for Bitcoin, it also peaked in early December, hitting an all-time high of $107,000 on December 17. Over the next few weeks, it fell to $90,000 before rebounding to over $100,000. However, in the past few hours – following the launch of MELANIA – the price of Bitcoin has fallen below $10,000.

His remarks came just hours after his wife Melania Trump launched her own meme coin, MELANIA, which has a fully diluted valuation of $5 billion (with only 10% of the supply currently in circulation, the market cap approximately US$500 million). However, this has come at a cost, attracting attention and funding to Donald Trump’s own meme coin, Official Trump, which has lost almost half its value. Official Trump launched on January 17 with a market capitalization of $14.5 billion - a fully diluted valuation of $72 billion -before falling sharply to its current market capitalization of $8.8 billion. Trump did not mention his Meme coin or Melania’s Meme coin in his speech, nor the resulting drop in Bitcoin prices.