by Rae Wee and Elizabeth Howcroft
SINGAPORE (Reuters) – The market value of Donald Trump’s cryptocurrency soared on Monday to around $12 billion (11.6 billion euros), with enthusiasm for the digital currency launched on Friday remaining strong a few hours of the inauguration of the 47th President of the United States.
The currency, named $TRUMP, was trading for $52.88 at 11:55 GMT on Monday, bringing its total value to $11.6 billion, making $TRUMP the 18th largest cryptocurrency, according to CoinMarketCap. The currency hit a high of $74.59 during the session while over 24 hours the traded volumes reached $52.5 billion.
The currency’s website specifies that it is 80% owned by CIC Digital LLC, a subsidiary of The Trump Organization, which is owned by Donald Trump, and Fight Fight Fight LLC.
The currency launched by Melania Trump on Sunday was trading for around $12.03 for a total value of $1.9 billion, as of 08:20 GMT, according to CoinMarketCap.
-“It is tempting to see this motto as just another gesticulation from Trump, but it raises many ethical and regulatory questions,” comments Justin D’Anethan, independent analyst.
The support for the cryptocurrency sector shown by Donald Trump supports bitcoin a few hours before the president’s inauguration, at 5:00 p.m. GMT, with the digital currency hitting a record at $109,071.86 in early trading on Monday.
(With Vidya Ranganathan in Singapore, French version Corentin Chappron, edited by Sophie Louet)
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