Bitcoin spiked to a new all-time high early Monday but pulled back following the inauguration of President Donald Trump.

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.

"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.

BTC has pulled back to $100K as Melania Trump launched her own memecoin, stalling the surge in the TRUMP token.

But as his presidency approached, he also offered more specific support to the cryptocurrency market. After the launch of his own $TRUMP coin, his wife launched her own $MELANIA competitor – the combination of which led to volatility in the cryptocurrency market.

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

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."

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.

Price Surge Comes as TRUMP and MELANIA Meme Coins LaunchedKey TakeawaysBitcoin rose to a new all-time high of more than $109,000 ahead of the inauguration of U.S. President-elect Donald Trump on Monday.