New BTC Milestone: Bitcoin Surpasses $109,000, Selkis Warns Selkis
As Donald Trump prepares for his inauguration as the 47th president of the United States, Bitcoin (BTC) has broken through the $109,000 mark, rallying from $102,600 in just 15 minutes.
BTC Surpasses $109,000, Warns Ryan Selkis
Bitcoin’s move above $109,000 occurred at around 2:45 a.m. EST on January 20, 2025, just hours before Donald Trump was officially sworn in. The leading crypto asset surged from $102,600 to over $109,000 in just 15 minutes, marking a dramatic comeback after falling below $100,000 on January 19. This is a new milestone for BTC, continuing a record rally that took the price to $108,364 in December 2024.
This “magic candle” phenomenon is believed to be part of the “Trump Effect,” a wave of continued price increases driven by excitement surrounding Trump’s inauguration. Although many analysts warned that the market had priced in the event, BTC’s sudden surge caught many investors by surprise.
Trump’s Memecoin Makes Markets Go Crazy
Less than 72 hours after the launch of Trump’s memecoin, the asset quickly climbed into the top 20 cryptocurrencies by market capitalization. Launching at $6.54 on January 18, Trump’s memecoin shot up to $72 in just 24 hours. Although the price has since cooled, as of 5:20 a.m. EST, the memecoin was still trading at nearly $60, making Trump the newest crypto billionaire.
However, the launch of the Melania Trump-themed memecoin has sparked controversy in the Trump support community. One of the most vocal critics is Messari founder Ryan Selkis, who has warned that the launch of the memecoin could damage the reputation Trump has built.
In a public statement, Selkis sent a warning to Trump via the social network Truth Social: "Please fire anyone who suggests launching a Melania memecoin today. They don't know what they're doing, they're wasting too much money, and they're hurting your reputation."
Memecoin $MELANIA Controversial
Since its launch, the memecoin $MELANIA has seen rapid growth, rising from under $0.05 to a high of $13.55, before falling slightly. At the time of writing, $MELANIA is still trading at over $11, although it has lost some of its initial momentum. The launch of the memecoin continues to be controversial, and its long-term impact on Trump’s image remains in question.
