Key Takeaways
- Bitcoin surged to $109K just before Trump's inauguration.
- Speculation surrounds Trump's potential U.S. Bitcoin reserve.
- Trump's memecoin launch added momentum to the market.
Bitcoin (BTC) surged to an unprecedented $109,036 on January 20, hours before Donald Trump was sworn in as the 47th President of the United States.
This milestone surpassed its previous all-time high of $108,000, set on December 17, 2024.
Market performance
According to TradingView data, Bitcoin saw a rapid 6% price increase within minutes, peaking at 6:55 am UTC before retreating slightly below $108,000.
At the time of writing, Bitcoin traded at $108,342, reflecting a 3% gain over the last 24 hours, according to CoinGecko.
Trump’s influence on Bitcoin
Trump’s inauguration at 4:00 pm UTC was widely anticipated to impact the Bitcoin market.
His November 6 election win spurred optimism in the Bitcoin community, propelling the asset past $100,000 in early December 2024.
Speculation about Trump’s pro-Bitcoin policies, including the possibility of establishing a U.S. strategic Bitcoin reserve, has fueled bullish sentiment.
Prediction markets signal optimism
On Polymarket, a crypto-based prediction platform, the odds of Trump creating a Bitcoin reserve in his first 100 days rose dramatically.
These odds climbed to a multimonth high of 69% shortly before Bitcoin reached its new peak.
Trump’s memecoin impact
Additionally, Trump’s newly launched memecoin, Official Trump (TRUMP), contributed to the excitement.
The token, released on January 17, achieved rapid growth, potentially amplifying Trump’s net worth by up to fivefold.
