Trump: Stock market soars, BTC repeatedly hits new highs, this is the "Trump effect"

The elected President of the United States, Donald Trump, claimed in his final public speech before taking office that the recent big pump in the stock market and the soaring BTC to a historical high are the best illustrations of the 'Trump effect'.

"You have witnessed many unexpected achievements," Trump said at the rally, attributing all of this to the "Trump effect." He emphasized:

Since the election ended, the stock market has been steadily rising, with the optimism index for small businesses soaring 41 points, reaching the highest level in 39 years. Meanwhile, Bitcoin has repeatedly set new historical highs.

The US stock market has continued to rise over the past year, reaching its peak shortly after the end of the US election in December last year. The S&P 500 index reached 6,090 points on December 11, while the Nasdaq index reached a record high of 20,204 points on December 16.

BTC's performance is equally impressive, reaching a historical high of $108,000 on December 17. Although it fell to $90,000 in the following weeks, it has recently risen back to $105,000. However, in the past few hours, BTC has experienced a pullback and dropped below $10,000, just as Melania Trump's meme coin 'MELANIA' went live.

"MELANIA" sparks controversy, "TRUMP" under pressure

Melania's meme coin 'MELANIA' has sparked market discussions since its launch, with a total diluted valuation of $5 billion and a circulating market cap of approximately $500 million (only 10% of the total supply). However, this has indirectly put pressure on Trump's own meme coin 'Official Trump (TRUMP)'.

Since its launch on January 18, TRUMP's market value has soared to $14.5 billion, with a fully diluted valuation of $72 billion. However, as market funds were 'diverted' by MELANIA, the price of TRUMP coin plummeted, and the market value has since fallen to $8.8 billion.

In this speech, Trump did not mention his own meme coin TRUMP and Melania's meme coin MELANIA at all, nor did he mention the phenomenon of BTC price being under pressure due to the meme coin effect. Nevertheless, his pride in the 'Trump effect' is still evident.

"Trump: Stock market soaring, BTC repeatedly hitting new highs, this is the 'Trump effect'" This article was first published in "Block Times".