Earlier today, Bitcoin briefly rose above $109,000, surpassing its previous all-time high of $108,000 from December 17, 2024.
The price of Bitcoin has hit new record highs as U.S. President-elect Donald Trump gets ready for his second term in office.
Bitcoin dropped as low as $89,164 on January 13, marking an 18 per cent decline due to concerns over the Federal Reserve’s shift toward more aggressive policies.
Since then, the cryptocurrency has rebounded, rising about 23 per cent from that low.
The market has been highly volatile in the last 24 hours, with nearly $1.25 billion worth of long and short positions being liquidated.
Bitcoin’s recent surge is fueled by growing expectations of a more crypto-friendly approach in the U.S. moving forward.
Bitcoin’s new all-time high comes just hours before Donald Trump is set to be sworn in as the 47th President of the United States at 4:00 pm UTC
Reuters
Bitcoin’s new all-time high comes just hours before Donald Trump is set to be sworn in as the 47th President of the United States at 4:00 pm UTC.
Trump’s upcoming inauguration has been a key driver behind the recent surge in cryptocurrency markets.
His November presidential victory sparked a huge rally, helping Bitcoin break $100,000 for the first time by early December 2024.
The growing optimism in the crypto community is largely due to Trump’s bold plans for the sector, including the potential creation of a Bitcoin reserve and expected deregulation of cryptocurrencies.
Reports suggest that President-elect Trump may issue executive orders to reduce regulations and encourage the growth of digital assets.
The possible appointment of former SEC Commissioner Paul Atkins, who is pro-crypto, as chair of the Securities and Exchange Commission has also boosted market confidence.
Cryptocurrency investors are closely watching potential policy changes. The expected executive orders supporting digital assets have fueled strong positive sentiment in the crypto market.
Some analysts believe Bitcoin’s price could hit $400,000 in 2025, thanks to anticipated crypto-friendly policies, including the creation of a Bitcoin reserve and what’s being called the “Trump Pump.”
The incoming first lady Melania Trump has also just launched her own cryptocurrency.
Some analysts believe Bitcoin’s price could hit $400,000 in 2025
Getty
“The Official Melania Meme is live! You can buy $MELANIA now.” Trump posted on X in the early hours of Monday.
The launch of $Melania comes just days after the president elect launched his own meme coin, and appeared to briefly tank the value of $Trump before it then rebounded.
The meme coin’s official website says the cryptocurrency is created and tracked on the Solana blockchain.
Meme coins are defined as any cryptocurrency that is named after characters, individuals, animals or artwork.
