Singapore — Donald Trump’s newly created cryptocurrency soared on Monday to nearly $12bn in market value, drawing in billions in trading volume, while bitcoin hit a record high just hours ahead of the US president-elect’s return to the White House.

Launched on Friday, Trump’s meme coin, known as $TRUMP, surged to $58.56 at 8.20am GMT on Monday, giving it a market capitalisation of about $11.7bn, according to CoinMarketCap, which ranked it as the 18th biggest cryptocurrency. Its 24-hour trading volume reached $52.5bn...

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