Bitcoin hits new all-time high above $109,000 ahead of Trump's inauguration
Bitcoin, the world's largest cryptocurrency by market value, surged to a new record high above $109,000 on Monday as Donald Trump, who has indicated plans to deregulate the cryptocurrency sector, prepares for his inauguration as US President.
Bitcoin peaked at $109,114 before retreating to $107,508 at 1:41 pm IST. The cryptocurrency has seen a sharp rise since Trump's election victory in November, surpassing $100,000 for the first time in early December.
The rally was also fueled by Trump's nomination of cryptocurrency advocate Paul Atkins to lead the US securities regulator, boosting hopes for sector deregulation.
Despite previously labeling cryptocurrencies a «scam,» Trump reversed his stance and became a vocal supporter during his campaign. Over the weekend, he launched his own cryptocurrency, $TRUMP, igniting a buying frenzy that pushed its market capitalization into the billions.
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View Details»«The coin reflects two key factors: first, the enduring influence of the U.S. presidency, and second, the growing prominence of crypto tokens in capital markets. While it
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