Bitcoin reaches new all-time high ahead of Trump’s inauguration
The world’s first cryptocurrency Bitcoin (BTC) just reached a new all-time high of $109,115 earlier today.
CoinMarketCap data shows that earlier today Bitcoin just barely broke its all-time high earlier today. At the time of writing, Bitcoin is changing hands at just under $107,600 after seeing its price increase by 2.3% over the last 24 hours and by 19.3% over the last seven days.
Trump’s inauguration behind the rally?The rally comes ahead of the inauguration of the United States republican president-elect Donald Trump, who is widely seen as a pro-crypto force. So much so, that some are organizing the “Inaugural Crypto Ball” to celebrate Trump’s inauguration and pro-crypto stance.
Ben El-Baz, managing director of crypto exchange HashKey Global told industry media the Block that enthusiasm over the changing U.S. political climate may indeed be playing a role. He said:
“Bitcoin reached [above] $108,000 while other cryptocurrencies have rapidly pumped on the eve of the U.S. presidential inauguration, with hopes that new policies and regulators will send the price of BTC much further this year as the U.S. economy continues to show strength in the long term. […]
Further accelerated by the launch of the TRUMP and MELANIA memecoins which have attracted more retail users.
Min Jung, research analyst of Presto Research, similarly told The Block that Trump’s influence over crypto is likely behind the raising Bitcoin prices. He said:
“Rumors are circulating that a leaked inauguration speech script suggests the possibility of a Bitcoin strategic reserve, though this remains unconfirmed. […] Nonetheless, the market has been fueled by substantial speculation and anticipation ahead of Trump’s inauguration.”
Recent reports indicate President-Elect Donald Trump, due to be inaugurated on Monday, is set to appoint multiple pro-crypto candidates to key governmental and advisory positions. These appointments, alongside Trump’s positive stance on cryptocurrency and mounting involvement in the sector, are likely to mark a change in the government’s regulatory stance and policies.
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