Bitcoin Hits New All-time High Near $110,000

The price of Bitcoin surged over 6% within minutes to reach a new all-time high ahead of Donald Trump’s inauguration as president of the United States.

On January 20, Bitcoin briefly climbed above $109,000, surpassing its previous record high of $108,000 set on December 17, 2024.

According to TradingView, BTC reached a peak of $109,036 at 6:55 am UTC before quickly retreating below $108,000.

Bitcoin’s new high came just hours before Trump’s swearing-in as the 47th president of the United States at 4:00 pm UTC.

Trump’s inauguration has been a significant driver of bullish sentiment in cryptocurrency markets.

His presidential victory on November 6, 2024, ignited a massive rally, pushing Bitcoin above $100,000 for the first time in early December.

Optimism within the crypto community surrounding Trump’s presidency is fueled by his ambitious crypto-related initiatives, including the potential establishment of a strategic Bitcoin reserve for the U.S. and anticipated deregulation in the crypto space.

Bitcoin’s latest price record coincided with heightened speculation about Trump creating a strategic BTC reserve within his first 100 days in office.

On the crypto prediction platform Polymarket, the odds of a U.S. Bitcoin reserve in Trump’s first 100 days showed sharp volatility.

At approximately 5:30 am UTC, the odds began to climb, reaching a multimonth high of 69% by 6:30 am UTC—just minutes before Bitcoin’s price spike.

Trump’s newly launched memecoin, Official Trump (TRUMP), which debuted on January 17, has also contributed to the market’s activity.

The TRUMP token, which launched on January 18, achieved record-breaking growth, potentially multiplying Trump’s net worth by as much as fivefold.

Sources:

https://cointelegraph.com/news/bitcoin-all-time-high-109000-trump-inauguration-day

https://www.coingecko.com/en/coins/bitcoin

https://polymarket.com/event/will-trump-create-a-national-bitcoin-reserve-in-his-first-100-days