- Bitcoin sets a new record, surpassing its previous all-time high of $108,000 from December
- President-elect Donald Trump, who was once skeptical of Bitcoin, previously called it “like a scam”
- On the eve of his inauguration, Trump and Melania Trump released their own memecoins
Bitcoin climbed to fresh highs, briefly trading above $109,000 ahead of President-elect Donald Trump’s inauguration.
The leading cryptocurrency reached a new all-time peak on January 20 as market sentiment remained positive about the incoming administration’s stance on digital assets. This new peak exceeded the prior record of just over $108,000 set in December.
TradingView data showed Bitcoin topping $109,036 at approximately 6:55 a.m. before retreating to around $107,000 minutes later.
In a recent speech, Trump referenced Bitcoin’s performance since the U.S. election, noting its rapid ascent.
“Since the election, the stock market has surged and small business optimism has soared a record 41 points to a 39-year high,” he said. “Bitcoin has shattered one record high after another.”
Growing support for crypto
Although he once described Bitcoin as appearing “like a scam,” Trump has shifted to a more supportive position on cryptocurrencies during his campaign and transition. He pledged to make the United States a global crypto hub and has nominated several officials viewed as friendly to the industry.
Among the notable appointments announced for his administration are Paul Atkins, named to lead the U.S. Securities and Exchange Commission, and David Sacks, tapped as a technology and crypto advisor.
Reports indicate Trump may sign an executive order prioritizing cryptocurrency policy upon taking office, a move that has helped sustain optimistic market sentiment.
On the eve of the inauguration, a memecoin associated with Trump, $TRUMP, was launched and at one point traded near $75 per token. At the time of reporting it was trading around $51 with a market capitalization exceeding $10 billion.
Melania Trump also introduced her own memecoin, $MELANIA, which reached highs near $13 before settling closer to $10 and holding a market capitalization above $2 billion.