The price of price of Bitcoin has hit yet another all-time high of just under $109,000, amid widespread optimism in the crypto industry as Donald Trump’s inauguration as U.S. President draws near.
Bitcoin has retreated slightly from its new all-time high of $108,786, per CoinGecko, and now sits at $107,949, up 3.2% in the past 24 hours and 16.2% on the week.
The news follows Trump’s mention of Bitcoin in a speech on Sunday, where he name checked how, “Bitcoin has shattered one record high after another.”
Markets may be anticipating whether Trump’s promises to become the “Crypto President” will come to fruition immediately after the inauguration and if he will announce early action on his many pro-industry ideas.
These could potentially include repealing the SEC’s controversial SAB 121 guidance, which requires crypto custodians to list custodied assets as liabilities on their balance sheets. Many are also speculating that Trump will act quickly to implement a Bitcoin strategic reserve, with odds of him doing so in his first 100 days currently sitting at 57% on Polymarket.
Sources with information the matter told Decrypt last week that his crypto-related executive order could create a a presidential crypto council, made up 20 founders and CEOs from the industry.
The last time Bitcoin broke the $108,000 barrier was on December 17, amid earlier speculation about the introduction of a Bitcoin national reserve. However, its new high comes after significant volatility over the past week. Bitcoin’s price dropped to a two-month low of $89,800 last Monday (January 13), as markets may have adjusted to the prospect of tighter monetary policy from the Federal Reserve.
Bitcoin also dipped below $100,000 earlier today after Trump’s newly launched meme coin, Official Trump ($TRUMP) rapidly declined in value following the release of Melania Trump’s meme coin (MELANIA)—causing ripples throughout the wider crypto markets.
It’s not just Bitcoin that has been experiencing rapid price increases. Ethereum (ETH) is up 5.2% in the past 24 hours, while XRP has risen 4%. Solana (SOL) is the only major cryptocurrency in the top 15 to see a decline in the same period, falling 2.6%.
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