Cryptocurrencies climbed on Tuesday as bullish investor sentiment returned on President Donald Trump's first full day back in office.

"God candle," Samson Mow, a bitcoin developer who leads the Jan3 bitcoin wallet company, posted to X and referring to a sudden spike in the bitcoin price that creates a "candle" on a trading chart as the bitcoin price suddenly soared, hitting $109,400 on the Coinbase bitcoin and crypto exchange.

President Donald Trump this week signed an executive order to establish U.S. dominance in the digital asset market and make the country the global center of crypto. But does that order deliver on what Trump said he'd accomplish?