Earlier this Monday, Bitcoin hit a new all-time high of $109,356 on the Bitstamp exchange at 06:56 UTC. 

The leading cryptocurrency is currently changing hands close to the $108,000 level after paring some gains. 

It took the biggest coin by market cap more than a month to take out the previous record peak that was reached on Dec. 16. 

Bitcoin ended up plunging to as low as $89,164 on Jan. 13. The substantial 18% correction was mainly caused by concerns about the Fed's hawkish U-turn. 

The cryptocurrency has now rallied by roughly 23% after reaching the aforementioned local low. 

The market has experienced extreme turbulence over the pat 24 hours, with nearly $1.25 billion worth of longs and shorts being liquidated over the past 24 hours. 

Bitcoin is surging higher due to widespread expectations of an aggressively pro-crypto pivot in the U.S.              

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