Bitcoin surged to a new all-time high of $109,036 on January 20, just hours before Donald Trump’s inauguration as the 47th president of the United States.
This price jump, driven by growing optimism surrounding Trump’s crypto-related plans, reflects heightened investor interest in Bitcoin as a strategic asset.
TradingView said Bitcoin briefly crossed the $109,000 mark at 6:55 am UTC before retreating below $108,000 within minutes. At the time of writing, Bitcoin was trading at $108,342, up 3% over the past 24 hours.
The price increase of over 6% within minutes highlighted strong momentum, setting a fresh record above the previous high of $108,000 achieved in December 2024.
Inauguration Fuels Crypto Rally
The surge in Bitcoin’s value is linked to Trump’s upcoming presidency, a major driver of positive sentiment in the crypto market. His presidential victory in November 2024 triggered a bullish rally, propelling Bitcoin past $100,000 for the first time in early December.
The crypto community is optimistic about Trump’s presidency because he plans to integrate cryptocurrencies into the national financial strategy. Speculation has grown around the potential establishment of a US Bitcoin reserve and regulatory changes to foster innovation in the sector.
Prediction Markets Reflect Growing Expectations
Crypto prediction platforms like Polymarket saw a sharp rise in bets on Trump creating a strategic Bitcoin reserve during his first 100 days in office. Odds surged to 69% at 6:30 am UTC, just minutes before Bitcoin hit its new peak. This increase in confidence among investors contributed to the price surge.
Adding to the excitement, Trump recently launched a memecoin called Official Trump (TRUMP) on January 17, which has reportedly multiplied his net worth. The token’s record-breaking performance has further fueled market speculation about the president’s potential impact on the broader crypto landscape.
Future Implications
As Trump officially assumes office, the market will closely watch his crypto policies, especially any announcements regarding a Bitcoin reserve or deregulation. Bitcoin’s historic price action ahead of this political event underscores the growing influence of government strategies on the cryptocurrency sector.
This historic milestone sets the stage for what could be a transformative period for Bitcoin and the broader crypto market.