In his last campaign speech before the inauguration, Donald Trump claimed that he was responsible for the recent boost in the stock market as well as Bitcoin’s skyrocketing prices. “You are already seeing results that nobody expected to see,” Trump said at a rally, pointing to the unprecedented increase in financial markets.
He jokingly attributed it to the “Trump effect” saying that since Trump was elected the stock market went up and small business confidence hit a 39 year high. Bitcoin also continued to rise to new all-time highs reaching $108,000 in mid-December.
The stock market was on the rise in the subsequent months after the election. The S&P 500 reached 6,090 on December 11 and the Nasdaq reached 20,204 on December 16.
Bitcoin also rose to the occasion and touched a record high of $108,000 on December 17. While it fell below $90,000 in the subsequent weeks, it rose back above $100,000. But as is the case, the recent release of Melania Trump memecoin MELANIA has seen the Bitcoin value drop slightly to $101,000.
The MELANIA coin that was initiated by Melania Trump attracted attention, and its fully diluted valuation reached $5 billion. However, it has a negative impact on the memecoin associated with Donald Trump himself, the Official Trump memecoin, which has suffered the loss of almost half of its market capitalization. However, as Trump’s oath-taking time came nearer, Bitcoin made a new all-time high with $109,588.
Trump did not speak of the memecoin market swings in his address but rather the general economic outcomes credited to him.
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