Bitcoin hits $109,111 ATH ahead of Trump’s inauguration, driven by optimism over pro-crypto policies, strategic reserves, and relaxed regulations.
On January 20, the cryptocurrency reached its all-time high (ATH) of $109,111.
According to data from CoinMarketCap, the cryptocurrency temporarily reached an all-time high (ATH) of $109,111 on January 20 before swiftly falling below $108,000.
As of this writing, the price of Bitcoin is $108,342, up 3% from the previous day.
Ahead of Trump’s Inauguration, Bitcoin Rises
Trump’s inauguration as the 47th President of the United States is scheduled for 4:00 pm UTC, just hours before this historic event.
With Trump’s victory in November 2024 driving Bitcoin’s first December increase above $100,000, the incoming president has significantly boosted positive optimism in the cryptocurrency market.
Trump’s expected pro-crypto initiatives, such as the potential creation of a strategic Bitcoin reserve and the relaxation of crypto laws, are the source of optimism among cryptocurrency aficionados.
As investors anxiously await how Trump’s policies may influence the future of digital assets, the inauguration represents a turning point in both U.S. politics and the global cryptocurrency market.
The quick ascent of Bitcoin highlights its expanding significance as a crucial financial tool during unpredictable times.
According to reports, Trump is anticipated to give executive actions addressing cryptocurrency de-banking and updating a contentious bank accounting policy top priority.
A rule implemented under the Biden administration that required banks that held cryptocurrency to declare digital assets as liabilities is being repealed as part of the expected directives.
The Securities and Exchange Commission’s March 2022 Staff Accounting Bulletin, SAB 121, which has encountered opposition from the cryptocurrency sector, is the source of this policy.
According to people familiar with the talks, the Trump administration has underlined how urgent it is to reverse these actions, and they are a top priority.
Under Trump, the U.S. cryptocurrency market is expected to grow.
Luca Sorlini, Head of Product at Northstake, recently said that Donald Trump’s presidency would change the U.S. cryptocurrency market.
Sorlini asserts that the administration may promote substantial prosperity by tackling essential issues and utilizing America’s natural advantages.
Sorlini underlined that the United States may become a center for crypto innovation under Trump if clear regulations exist.
He pointed out, “American cryptocurrency companies currently operating offshore could move back to the U.S., enriching the domestic ecosystem.”
Companies can concentrate on adding value, taking chances, and promoting adoption by lowering legal uncertainty, eventually enhancing the market.
2025 priorities
Sorlini delineated critical administrative processes, such as thorough rules for tokens, stablecoins, and virtual asset service providers (VASPs).
He also promoted stablecoins denominated in dollars abroad to strengthen the dollar’s dominance and demand for treasuries worldwide.
With its extensive capital markets and cutting-edge ecosystem, the United States is well-positioned to compete with global leaders in cryptocurrency like Singapore and Switzerland.
Sorlini stated that it is essential to balance innovation and protection, adding that “the obstacles, primarily regulatory uncertainties, can be tackled quickly.”