The cryptocurrency market wrapped up another dynamic week, with traders celebrating a broader recovery. Bitcoin (BTC) surged to $105,000, while Ripple’s XRP recorded a 30% gain over the last seven days. Additionally, the launch of the new TRUMP meme coin created significant buzz ahead of Donald Trump’s inauguration. Here are the top crypto stories of the week.
Trump’s Inauguration Sparks Optimism in the Crypto Market
As Donald Trump’s January 20 inauguration approaches, a wave of crypto-friendly sentiment has swept through the market. Known for his supportive stance on digital assets, Trump’s influence appears to have fueled optimism. Following a period of subdued movement, Bitcoin and other major cryptocurrencies saw notable gains.
- Bitcoin (BTC) gained over 10% in the past week, closing at $105,000.
- Ethereum (ETH) experienced a modest 3% rise, ending the week at $3,370.
- Solana (SOL) recorded an impressive 37% weekly surge, closing at $257.
- Meme coins like SHIB and DOGE also rose between 5% and 20%.
These upward trends coincided with rising confidence in Trump’s upcoming tenure, emphasizing the potential market impact of his presidency.
Oklahoma Passes Bitcoin Reserve Bill
In a significant development, Oklahoma introduced the Bitcoin Reserve Bill, bolstering support for the leading cryptocurrency. This aligns with recent legislative moves in Wyoming to allow state funds to invest in Bitcoin. These initiatives reflect the growing acceptance of crypto within the U.S. as the Republican era begins.
Ripple’s XRP Soars Above $3
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Ripple’s XRP emerged as another standout performer, climbing 28% to close at $3.26. This rally was fueled by broader market optimism and key developments, including:
- Anticipation of a potential XRP ETF following SEC Chair Gary Gensler’s departure.
- ProShares filing applications for Leveraged & Inverse XRP ETFs and XRP Futures ETFs.
- Reports of major XRP transfers, including $60.54 million from co-founder Chris Larsen’s wallet.
Ripple whales moved over 130 million tokens amid ongoing SEC litigation, sparking further interest in XRP.
TRUMP Meme Coin Captures Attention
The launch of the TRUMP meme coin has been the talk of the crypto world. The token saw an extraordinary 3000% surge within 20 hours, quickly climbing the ranks to trail Pepe Coin in market cap. The coin’s popularity surged globally, as traders and investors speculated on its potential ahead of Trump’s inauguration.
Simultaneously, whales have shown increased accumulation of a new meme coin on Solana, indicating bullish sentiment for its future performance.
Conclusion
From Bitcoin’s remarkable climb to the rise of the TRUMP coin, this week highlighted the crypto market’s resilience and adaptability. Stay tuned to The Bit Journal for more in-depth updates on market trends and key developments.
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