President-elect Donald Trump has taken credit for the surging stock market and bitcoin's recent all-time highs in his final speech ahead of his inauguration.
"You are already seeing results that nobody expected to see," Donald Trump said at the rally before reluctantly calling it the 'Trump effect'. "Since the election, the stock market has surged and small business optimism has soared a record 41 points to a 39-year high. Bitcoin has shattered one record high after another."
The stock market continued to rally over the last year, reaching highs in early December shortly after the election. The S&P500 saw a peak valuation of 6,090 on Dec. 11, while the Nasdaq reached its high of 20,204 on Dec. 16.
As for bitcoin, it similarly peaked in early December, setting an all-time high of $107,000 on Dec. 17. Over the next few weeks it fell as low as $90,000 before rebounding above $100,000. However, over the last few hours — in the wake of MELANIA's launch — the price of bitcoin has dropped to $101,000.
His comments came just hours after his wife Melania Trump launched her own memecoin called MELANIA, rising to a $5 billion fully diluted valuation (and a roughly $500 million market cap as only 10% of the supply is currently circulating). It came at a price though, drawing attention and money from Donald Trump's own memecoin Official Trump, which lost nearly half its value.
Official Trump, which launched on Jan. 17, rose to a $14.5 billion market cap — with a $72 billion fully diluated valuation — before falling heavily to its current $8.8 billion market cap.
Trump did not mention his memecoin or Melania's memecoin in the speech, nor the resulting falling price of bitcoin.
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