BTC hit a new all-time high touching $109,114 per token on Monday (20 January), hours before Donald Trump’s return as the US President.
The previous high for the OG crypto of $108,239 was also powered by bullish sentiment around Trump’s pro-crypto stance.
Bitcoin had fallen sharply below $100K on the day of inauguration during Asia hours but shot up more than $9K within 8 hours. Nearly all the other major cryptocurrencies are in the green, riding the Trump wave.
Trump is expected to sign at least one executive order related to crypto once he is in the Oval Office after inauguration.
The record high comes about two days after Trump launched his memecoin which shocked the world, including the crypto community. It jumped from a few cents to higher than $70 in a matter of hours, and only came down close to $60 after Trump’s wife Melania launched her own memecoin.
Read more: Decoding Trump’s move to make crypto a ‘national priority’
“Forgot to say, what’s good for memes is good for Bitcoin,” posted Binance’s co-founder Changpeng “CZ” Zhou.
And if anyone thought the US Federal Reserve’s plans to curb inflation will keep BTC in check, research firm 10X suggests otherwise.
The Fed may maintain a “relatively hawkish stance later this month,” but market participants “might overlook it, focusing instead on the positive momentum spurred by” the Trump effect.
Edited by Ankush Chibber. If you have any tips, ideas or feedback, please get in touch: talk-to-us@moniify.com
