Bitcoin hits all-time high just before Trump's inauguration: a new peak

Bitcoin hits all-time high just before Trump's inauguration: a new peak

Bitcoin, the world's most famous cryptocurrency, hit a new all-time high on January 20, 2024, when its price briefly surpassed the $109,000 mark. This feat came just hours before Donald Trump's inauguration as President of the United States, sparking a wave of optimism in the cryptocurrency community.

When Bitcoin hit a high of $109,036 at 6:55 UTC on January 20, it surpassed its previous record high of $108,000, which was recorded on December 17, 2024. However, in the following minutes, the price fell slightly below that threshold, trading at around $107,900. According to data from CoinGecko, Bitcoin has notched up approximately 3% growth in the last 24 hours.

This price jump was directly related to the upcoming inauguration of Donald Trump, which took place at 16:00 UTC. Trump's victory in the November 6, 2024 presidential election has become a key catalyst for the recent rise in cryptocurrency markets. Following his election, Bitcoin surpassed the psychological $100,000 mark for the first time, triggering a massive rally.

The optimism in the cryptocurrency community is also due to Trump's ambitious plans for cryptocurrencies. Many investors expect his administration's policies to lead to the deregulation of the cryptocurrency market and the possible creation of a strategic bitcoin reserve, which could further boost the growth of the digital currency.

Bitcoin, whose price has shown significant fluctuations in recent weeks, is once again in the spotlight. How events surrounding the Trump administration will unfold and what this means for the future of cryptocurrencies remains a question many investors are asking.

*This is not an investment recommendation.

The Coingarage team