The price of Bitcoin (BTC) surged by over 6% in minutes, reaching a new all-time high of $109,036 ahead of Donald Trump’s inauguration as the 47th President of the United States.
- BTC surged past $109,000 at 6:55 am UTC on Jan. 20, breaking its previous record of $108,000 set on Dec. 17, 2024.
- Shortly after hitting the new high, Bitcoin’s price dipped back below $108,000. At the time of writing, BTC is trading at $107,342, up 3% over the past 24 hours, according to CoinGecko.
Trump’s Inauguration Fuels Market Optimism
Bitcoin’s surge comes just hours before Donald Trump’s inauguration, scheduled for 4:00 pm UTC.
Trump’s Nov. 6 presidential victory triggered a massive crypto rally, propelling Bitcoin above $100,000 for the first time in early December 2024. Market sentiment has remained bullish, with growing optimism in the crypto community about Trump’s policies, including:
- Potential Bitcoin Reserve: Speculation about the U.S. adopting Bitcoin as part of a strategic reserve.
- Crypto Deregulation: Expectations of reduced regulatory pressure on the cryptocurrency industry.
Crypto Markets React
Trump’s pro-crypto stance has sparked significant excitement in the digital asset space. The anticipation surrounding his presidency continues to influence bullish market movements, with Bitcoin leading the charge.
While BTC remains the star performer, market participants are closely monitoring altcoins to gauge the broader impact of Trump’s crypto-related plans.
Bitcoin’s new high ahead of Trump’s inauguration underscores the strong connection between political developments and market movements. As the crypto industry braces for potential changes under the new administration, all eyes are on Trump’s first moves as President and their implications for the digital asset space.
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