The new business venture by the Trump family is generating intensifying criticism and ethics questions, even as it has turned into an overnight phenomenon, generating a windfall on paper.

Donald Trump's newly created cryptocurrency soared on Monday to nearly $11 billion in market value, drawing in billions in trading volume, while bitcoin hit a record high just hours ahead of the U.S.

Trump's embrace of cryptocurrency could mark a change from the regulatory hammer that has fallen on crypto companies under the Biden administration.