The price of Bitcoin jumped more than 6% in minutes to reach a new high ahead of Donald Trump’s inauguration as president of the United States.
Bitcoin (BTC) briefly rose above $109,000 on January 20, breaking its previous all-time high above $108,000 recorded on December 17, 2024.
According to TradingView data, BTC reached a new high of $109,036 at 6:55 UTC before falling below $108,000 within minutes.
24-hour Bitcoin price chart with new ATH. Source: TradingView
Bitcoin was trading at $108,342 at the time of writing and is up about 3% over the past 24 hours, according to CoinGecko data.
Bitcoin’s new high came hours before Trump was sworn in as the 47th President of the United States at 4:00 p.m. UTC.
Trump’s inauguration was a major catalyst for bullish action in cryptocurrency markets. His November 6 presidential victory fueled a massive crypto rally, leading Bitcoin to surpass $100,000 for the first time in early December 2024.
Related: Donald Trump’s memecoin drops 38% as his wife Melania launches token
Growing optimism around Trump’s presidency in the crypto community is largely attributed to his ambitious crypto-related plans, including a potential strategic Bitcoin reserve for the United States and expected crypto deregulation.
Bitcoin’s latest record high came amid a sharp rise in speculation that Trump would establish a strategic reserve of BTC during his first 100 days in office.
The chances of a US BTC reserve in Trump’s first 100 days saw high volatility on crypto-based prediction platform Polymarket before BTC reached its new high.
Polymarket saw a sharp increase in the chances of Trump creating a strategic Bitcoin reserve shortly after taking office. Source: Polymarché
Odds on Polymarket began to climb around 5:30 UTC, reaching a multi-month high of 69% at 6:30 UTC, just minutes before the price of BTC exploded.
Trump began selling his new memecoin, Official Trump (TRUMP), on January 18. Launched on January 17, the TRUMP token saw record growth, which could have multiplied Trump’s net worth by up to 5 times.
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