Bitcoin Hits New All-Time High Above $109K Ahead of Trump’s Inauguration

Bitcoin surged to a new all-time high above $109,000 on January 20, 2025, briefly surpassing its previous record set just a month earlier. The sharp rise in Bitcoin’s price occurred just hours before Donald Trump was set to be sworn in as the 47th president of the United States.

Bitcoin Breaks Records

Bitcoin’s price jumped more than 6% in just minutes on January 20, reaching a new peak of $109,036 at 6:55 AM UTC, according to data from TradingView. However, the rally was short-lived as the price quickly retraced below the $108,000 level. At the time of writing, Bitcoin was trading at approximately $108,342, reflecting a 3% increase over the past 24 hours, according to CoinGecko data.

Trump’s Inauguration Drives Market Optimism

This surge in Bitcoin's price came just hours before Trump’s inauguration, which is set to take place at 4:00 PM UTC. The market has been closely watching Trump’s political rise, with many in the cryptocurrency community attributing the bullish momentum to his upcoming presidency.

Since Trump’s victory in the presidential election on November 6, 2024, cryptocurrency markets have experienced a significant rally. Bitcoin’s price surpassed the $100,000 mark for the first time in early December 2024, fueled by growing optimism around Trump’s pro-crypto stance.

Crypto Community Optimistic About Trump’s Plans

The optimism within the crypto community surrounding Trump’s presidency is largely driven by expectations of favorable policies, including potential strategic Bitcoin reserves and the anticipated deregulation of the crypto space. Many believe that under Trump’s leadership, the crypto market could thrive with a more supportive regulatory environment, contributing to the recent surge in Bitcoin’s price.

As the market continues to react to these developments, Bitcoin’s new all-time high serves as a strong indicator of the growing confidence in the future of cryptocurrencies, particularly ahead of Trump’s inauguration later today. Whether this bullish trend will continue remains to be seen, but for now, Bitcoin’s performance highlights the significant influence of political events on the crypto market.