Bitcoin Hits Record High Near $109,000 Before Trump’s Inauguration
Bitcoin’s price has reached a new all-time high of $108,786, just shy of $109,000, as excitement grows in the crypto world ahead of Donald Trump’s inauguration as U.S. President. The price has since dipped slightly to $107,949, up 3.2% in the last 24 hours and 16.2% for the week, according to CoinGecko.
Trump recently mentioned Bitcoin in a Sunday speech, noting its streak of breaking record highs. Many believe his plans to become the “Crypto President” could bring big changes, with some speculating he might act quickly to implement pro-crypto policies after taking office.
Potential actions could include repealing controversial SEC rules about how crypto custodians report assets or even creating a national Bitcoin strategic reserve. There’s also talk of a presidential crypto council featuring major industry leaders.
The last time Bitcoin crossed $108,000 was in December, amid earlier discussions about a national Bitcoin reserve. However, this recent high follows a volatile week. Just days ago, Bitcoin dropped to $89,800, its lowest price in two months, possibly due to concerns over stricter Federal Reserve policies.
Other cryptocurrencies are also making moves. Ethereum (ETH) is up 5.2% in the past 24 hours, while XRP rose 4%. However, Solana (SOL) is down 2.6%, making it the only major crypto in the top 15 to decline during this period.
