Bitcoin hits all-time high at $109,333 before Donald Trump's inauguration

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Bitcoin soared past $109,000, fuelled by Donald Trump’s positive remarks on cryptocurrency and the launch of Trump and Melania coins

Donald Trump says Bitcoin has shattered one record high after another.
Donald Trump says Bitcoin has shattered one record high after another. | Credits: Getty Images

Ahead of Donald Trump's swearing-in ceremony in the U.S., the world's biggest cryptocurrency Bitcoin (BTC) zoomed past the $109,000 mark and hit the time-time high figure of $109,333 on global crypto exchange Binance. The BTC surge can be attributed to Trump's positive commentary around the cryptocurrency in his Sunday speech when mentioned Bitcoin while talking about the performance of the overall U.S. stock market.

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In his speech, Trump said: "Since the election, the stock market has surged and small business optimism has soared a record 41 points to a 39-year high...Bitcoin has shattered one record high after another."

Currently trading just above $106,010.97, 1.60% up in the past 24 hours, BTC is now potentially looking key psychological mark of $110,000. The surge can also be attributed to both Trump and his wife and soon-to-be first lady Melania Trump launching their crypto coins, which have received widespread acceptance since their launch during the weekend.

Ethereum is currently trading at $3,331.60, down 3.29% in the past 24 hours, while Solana saw a 10.33% dip at $249.42.

Trump launched his official crypto coin, called TrumpCoin this weekend, shaking the world of cryptocurrency, which amassed a $8 billion market capitalisation, and a trading volume of about $1 billion. The meme coin was launched for $0.18, but surged to a staggering $27.42, almost 322% rise, according to CoinMarketCap data.

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Melania's memecoin, $MELANIA’s, debut shook even Trump Coin’s meteoric rise. After $MELANIA's launch, Trump Coin’s value nosedived by 50%, and $MELANIA surged to a market cap of $1.74 billion.

Balaji Srihari, Vice President, CoinSwitch, says Bitcoin reached a new all-time high (ATH), driven by market optimism and political developments. "The surge coincides with the oath-taking ceremony of President-elect Donald Trump, whose pro-crypto stance has fueled bullish sentiment among investors. This milestone underscores Bitcoin’s growing status as a significant investment asset, with its market cap exceeding $2.1 trillion. As always, investors are encouraged to stay informed and exercise caution before making investment decisions."

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"Increased trading volumes and a favourable macroeconomic environment can fuel optimism for both institutional and retail investors. The rise of speculative assets such as the TRUMP and MELANIA meme-coins diverts liquidity and increases market volatility. This backdrop highlights Bitcoin’s dual nature as an emblem of innovation and a symbol of risk," Avinash Shekhar, Co-Founder & CEO, Pi42.

Trump had earlier said if crypto is going to define the future, he would want (it) to be mined, minted and made in the U.S.A. He also proposed to reserve “100% of all the bitcoins” the U.S. government currently holds. Predicting bitcoin would surpass gold's $16 trillion m-cap, Trump said he would use it to pay off the U.S.’ $35-trillion debt.

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The U.S. holds the highest 2,05,515 BTC, mostly via black market seizures by the FBI, as per data by crypto intelligence firm Arkham Intelligence. China follows with confiscated bitcoins at 1,94,775. The U.K. and Germany's cache of seized bitcoins is 61,000 and 50,000, respectively. Few select ones are a step ahead. Bitcoin holds a legal tender status in Al Salvador and the Central African Republic. El Salvador bought 2,546 BTC, and, as its President Nayyib Bukele announced in 2022, the country buys at least 1 bitcoin every day.

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