<p>Singapore: <a href="https://www.deccanherald.com/tags/donald-trump">Donald Trump's</a> newly minted cryptocurrency soared on Monday to top $9 billion in market value, drawing in billions in trading volume just hours ahead of the <a href="https://www.deccanherald.com/tags/united-states">US</a> President-elect's return to the White House.</p>.<p>The meme coin, also known as $TRUMP, surged 73 per cent to $46.06 during Asian hours on Monday, giving it a market capitalisaton of about $9.2 billion, according to CoinMarketCap. Its 24-hour trading volume reached $42.2 billion.</p>.<p>Trump had on Friday launched the digital token branded with an image from his attempted assassination in July, expanding his cryptocurrency interests that already include World Liberty Financial.</p>.<p>Even cryptocurrency community participants were surprised by the launch of Trump's meme coin.</p>.<p>"While it's tempting to dismiss this as just another Trump spectacle, the launch of the official Trump token opens up a Pandora's box of ethical and regulatory questions," said Justin D'Anethan, an independent crypto analyst based in Hong Kong.</p>.<p>While the coin represented a blending of the world of decentralised finance (DeFi) into the political arena, it also "blurs the lines between governance, profit, and influence," D'Anethan said.</p>.US firms in Europe fear worsening relations as Trump arrives.<p>"Should public figures, especially those with such political clout, wield this kind of sway in speculative markets? That's a question regulators are unlikely to ignore," he said.</p>.<p>Peter Schiff, chief economist and global strategist at Euro Pacific Asset Management, pointed to the jump in $TRUMP's value and called it the new digital gold, on messaging platform X.</p>.<p>Trump has promised to be a "crypto president", and is expected to issue executive orders aimed at reducing crypto regulatory roadblocks and promoting widespread adoption of digital assets.</p>.<p>He is due to assume the presidency at noon ET (1700 GMT) on Monday.</p>.<p>The prospect of looser regulations around crypto policy has been met with fanfare by the industry and had turbocharged a rally in bitcoin following Trump's election victory in November.</p>.<p>The world's largest cryptocurrency last traded 2.6 per cent lower at $101,826.51 on Monday, and is up more than 10 per cent for the month thus far. </p>
<p>Singapore: <a href="https://www.deccanherald.com/tags/donald-trump">Donald Trump's</a> newly minted cryptocurrency soared on Monday to top $9 billion in market value, drawing in billions in trading volume just hours ahead of the <a href="https://www.deccanherald.com/tags/united-states">US</a> President-elect's return to the White House.</p>.<p>The meme coin, also known as $TRUMP, surged 73 per cent to $46.06 during Asian hours on Monday, giving it a market capitalisaton of about $9.2 billion, according to CoinMarketCap. Its 24-hour trading volume reached $42.2 billion.</p>.<p>Trump had on Friday launched the digital token branded with an image from his attempted assassination in July, expanding his cryptocurrency interests that already include World Liberty Financial.</p>.<p>Even cryptocurrency community participants were surprised by the launch of Trump's meme coin.</p>.<p>"While it's tempting to dismiss this as just another Trump spectacle, the launch of the official Trump token opens up a Pandora's box of ethical and regulatory questions," said Justin D'Anethan, an independent crypto analyst based in Hong Kong.</p>.<p>While the coin represented a blending of the world of decentralised finance (DeFi) into the political arena, it also "blurs the lines between governance, profit, and influence," D'Anethan said.</p>.US firms in Europe fear worsening relations as Trump arrives.<p>"Should public figures, especially those with such political clout, wield this kind of sway in speculative markets? That's a question regulators are unlikely to ignore," he said.</p>.<p>Peter Schiff, chief economist and global strategist at Euro Pacific Asset Management, pointed to the jump in $TRUMP's value and called it the new digital gold, on messaging platform X.</p>.<p>Trump has promised to be a "crypto president", and is expected to issue executive orders aimed at reducing crypto regulatory roadblocks and promoting widespread adoption of digital assets.</p>.<p>He is due to assume the presidency at noon ET (1700 GMT) on Monday.</p>.<p>The prospect of looser regulations around crypto policy has been met with fanfare by the industry and had turbocharged a rally in bitcoin following Trump's election victory in November.</p>.<p>The world's largest cryptocurrency last traded 2.6 per cent lower at $101,826.51 on Monday, and is up more than 10 per cent for the month thus far. </p>