Bitcoin achieved a new milestone on January 20, briefly surpassing $109,000, eclipsing its previous record of $108,000 set in mid-December 2024.
The leading cryptocurrency experienced a sharp 6% surge in minutes, hitting $109,036 at 6:55 am UTC, as reported by TradingView. However, it quickly dipped back below $108,000. At the time of writing, Bitcoin was trading at $108,342, reflecting a 3% increase over the past 24 hours, according to CoinGecko.
Bitcoin Reaches New Heights as Trump Prepares for Inauguration
The latest record-breaking rally coincided with the hours leading up to Donald Trump’s swearing-in as the 47th president of the United States at 4:00 pm UTC.
Trump’s presidency has been a key driver of recent bullish sentiment in the crypto market. His election victory on November 6 sparked a significant rally, pushing Bitcoin past the $100,000 mark for the first time in early December 2024.
The optimism stems largely from Trump’s pro-crypto agenda, which reportedly includes plans for a strategic Bitcoin reserve for the U.S. and anticipated regulatory reforms favoring cryptocurrency adoption.
Speculation Over a U.S. Bitcoin Reserve Intensifies
Bitcoin’s surge was accompanied by heightened speculation that Trump would announce the creation of a strategic Bitcoin reserve within his first 100 days in office.
On Polymarket, a crypto-based prediction platform, odds for this initiative saw dramatic volatility, rising sharply from early morning. By 6:30 am UTC, just minutes before Bitcoin’s price spike, the probability reached a multimonth high of 69%.
Trump’s Memecoin Also Drives Momentum
Adding to the excitement, Trump recently launched his memecoin, Official Trump (TRUMP), on January 17. The token experienced unprecedented growth, reportedly amplifying Trump’s net worth by fivefold within days of its release.
As Bitcoin and Trump’s crypto initiatives gain traction, the market is bracing for further developments that could reshape the digital asset landscape under his administration.
