Bitcoin set a new high above $109,000 and the U.S. dollar fell on Monday, as investors weighed the implications of a second Donald Trump presidency.

Stock futures rose, following gains in equity markets in Asia and Europe. At about 12:05 p.m. ET, shortly after Trump took the oath of office, contracts linked to the major indexes were up about 0.5%. US stock and bond markets were closed on Monday to mark Martin Luther King Jr. Day.

Bitcoin rose to $109,225, an intraday record, according to a CoinDesk indexbefore backing off. It traded below $105,000 shortly after Trump was sworn in.

Trump has positioned himself as a champion of cryptocurrency, promising moves like now establishing a US bitcoin storage Since he was elected, bitcoin is up more than 50%.

The president-elect and his wife, Melania, started selling new cryptocurrencies in recent days, the meme coins called $TRUMP and $MELANIA. The projects quickly drew disapproval, with some critics saying the tokens create significant conflicts of interest.

Before the inauguration, The Wall Street Journal reported that Trump does not plan to levy tariffs his first day in office, a scenario many trading partners feared.

The dollar extended losses, with the WSJ dollar index falling 0.8% to a near two-week low, while currencies from economies expected to be hit hard by the tariffs strengthened . By midday, the British pound, euro, Mexican peso, Canadian dollar and offshore Chinese yuan had each gained 0.8% or more against the greenback.

Investors were bracing for Trump issue a barrage of executive orders hours after becoming president, covering border control, energy and government reviews.

“Once these executive orders start coming in and the implications of those are analyzed, that’s where you’ll see the influence of the markets,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown.

That will likely keep asset prices volatile, Streeter said. “It could be that some of the worst fears do not materialize; on the other hand, there could be a movement that comes out of the blue”.

US actions done big gains last weekfollowing strong bank profits and an inflation report that suggested underlying price pressures are easing. But many investors are bracing for potential turbulence, worrying that Trump’s promised policies, including high tariffs, could re-accelerate inflation, with far-reaching consequences for markets and Federal Reserve Policy.

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