Bitcoin extended a retreat from a record high as traders awaited pro-crypto policy directions from Donald Trump following his inauguration as the 47th US president.

Donald Trump’s new $TRUMP meme coin took the crypto market by storm after surging as much as 300 per cent within hours of debut. This came ahead of the 47th US President’s inauguration (Picture Credit: https://gettrumpmemes.com/)

While the launch of meme coins from the Trump family marks a milestone in crypto, some say it still represents a "concerning trend."

"God candle," Samson Mow, a bitcoin developer who leads the Jan3 bitcoin wallet company, posted to X as the bitcoin price suddenly soared, hitting $109,400 on the Coinbase bitcoin and crypto exchange.

Bitcoin hit a record $109,241 as the US readies for pro-crypto President-elect Donald Trump’s inauguration. The cryptocurrency surged 5.5% amid excitement over Trump’s meme coins, despite a subsequent market decline.

Although Trump has been relatively quiet on crypto on day one of his presidency, the bitcoin community is watching closely.

TRUMP and $MELANIA on the Solana blockchain, sent shockwaves through the cryptocurrency market. We see how major coins such as Bitcoin and Ethereum were impacted.

Incoming first lady Melania Trump has launched a cryptocurrency on the eve of her husband's inauguration as US president. The announcement comes after President-elect Donald Trump launched the $Trump cryptocurrency. Both coins have risen but have seen volatile trade.

The soon-to-be First Lady introduced $MELANIA on Sunday, after which her husband's meme coin saw a significant price drop.