Bitcoin Surges Above $109K as Trump Inauguration Sparks Crypto Rally – Century Financial

• Cryptocurrency

Bitcoin (BTC), the world’s oldest and most valuable crypto, has rallied above $109,500 over the weekend as Donald Trump’s inauguration ceremony to assume the US President’s office approaches. The TRUMP coin, as well as wife Melania Trump’s own official cryptocurrency, are among the topmost gainers early Monday. It remains to be seen if Trump’s oath-taking ceremony and upcoming term will result in positive developments for the crypto sector, as has been predicted by experts across the globe.

If Trump makes any announcements regarding rate cuts or makes any pro-crypto move, BTC and other coins are naturally expected to rally as well. 

TRUMP, the official meme coin of President-elect Donald Trump, saw its value drop by over 50% after Melania Trump introduced her own meme coin, MELANIA. TRUMP reached an all-time high of $75.35
within the past 24 hours but was trading at $53.40 with a day’s low of $35, reflecting a 53% decline. This sell-off erased nearly $5 billion from its market value.

• Crude Oil

Oil was steady ahead of the inauguration of President-elect Donald Trump, as the market braced for a period of uncertainty and turmoil at the start of his second term in the White House. The incoming president has also threatened hefty tariffs on trade partners including China, Canada and Mexico, and could implement sanctions on Iran. Crude has rallied at the start of the year, after frigid weather in the Northern Hemisphere drove higher heating demand and broader US sanctions on Russia’s oil industry left customers in Asia seeking alternative supplies. Trading volumes for Monday’s session may be lower due to a federal holiday in the US.
The additional sanctions on Russia have upended tanker markets, led to prices of Middle Eastern crude surging and Brent’s prompt spread widening in a bullish backwardation structure. Speculators have increased their long-only positions on Brent, although there’s also been a smaller buildup of shorts.
Scott Bessent, Trump’s nominee for Treasury secretary, said last week he would support dialing up measures targeting Russia’s oil industry, which would likely mean even more disruption. The President-elect’s pick for national security adviser has previously vowed “maximum pressure” on Iran.
“If Bessent gets his way, the energy sanctions will only tighten,” said Vishnu Varathan, head of economics and strategy for Mizuho Bank Ltd. “But the bigger picture for me is that the US is intent on extending its reach as a dominant energy exporter.”
Meanwhile, a ceasefire in Gaza has begun, leading to a suspension of prolonged hostilities. The Qatari and Egyptian-mediated deal backed by the US stipulates an initial six-week truce during which 33 hostages will be freed by Hamas in return for hundreds of Palestinians jailed by Israel.
Gulf MarketsThe ADX General is advancing slightly to 9,506.68 in Abu Dhabi. Abu Dhabi Commercial Bank PJSC contributed the most to the index gain, increasing 0.9%. Finance House PJSC had the largest increase, rising 14.0%.
The DFM General Index is rising 0.3% at 5,228.61 in Dubai. Emaar Properties PJSC contributed the most to the index gain, increasing 0.8%. Amlak Finance PJSC had the largest increase, rising 1.6%.
The Tadawul All Share Index opened slightly higher at 12,337.68 in Riyadh. Acwa Power Co. contributed the most to the index gain, increasing 0.9%. Thimar Development Holding Co. had the largest increase, rising 3.1%.
Oil was steady ahead of the inauguration of President-elect Donald Trump, as the market braced for a period of uncertainty and turmoil at the start of his second term in the White House.
 Brent traded below $81 a barrel after falling over the past two sessions, while West Texas Intermediate was near $78. Trump is poised to invoke emergency powers in the hours after he’s sworn in as part of his plan to unleash domestic energy production, according to people familiar with the matter.
The incoming president has also threatened hefty tariffs on trade partners including China, Canada and Mexico, and could implement sanctions on Iran.GoldGold advanced for the third straight week despite closing in the red on Friday. The precious metal was bolstered by a moderation in the Core CPI reading. It is currently holding steady around $2,710, ahead of Donald Trump’s inauguration as the U.S. president. Market participants are cautious about the prospect of sweeping tariffs and subsequent trade wars under the Trump administration. On the one hand, this has the potential to revive inflationary pressures, which is negative for gold. On the other hand, heightened global uncertainty and geopolitical tensions sparked by Trump’s policies could equally trigger a flight to safety.

Amidst all this volatility, a key catalyst driving gold higher is central bank purchases. The People’s Bank of China resumed buying after a six-month pause, adding gold to its reserves for the second straight month in December. By contrast, Kazakhstan’s central bank announced it would sell bullion on the international markets to shore up its domestic currency. Nonetheless, according to the World Gold Council, 97% of institutions are expected to either maintain or increase gold reserves this year.

Gold is up 0.25% at $2,709, with 9-SMA support at $2,687 on the day chart and resistance at $2,706 and $2,723. Gold prices in the UAE today are as follows:
24 Carat – AED 327.50
22 Carat – AED 303.25
21 Carat – AED 293.75
18 Carat – AED 251.75

Last Updated on 2 days by News Desk 1