Bitcoin started gaining steam last week as speculation started to build that Trump might announce an executive order on crypto early in his new term. Gracy Chen, CEO crypto exchange Bitget, said that optimism is having a greater effect on its price.
"Rumors that cryptocurrency may be declared a national interest by the United States during the inauguration are having a positive effect on the price of bitcoin," she told CNBC. "I don't believe the rise in bitcoin's price is due to the launch of new meme tokens. Rather … without the release of the Trump family tokens, bitcoin's price would have grown more. Instead, capital shifted to new coins, limiting overall growth."