Bitcoin price today: rallies to record high before Trump inauguration

Bitcoin rose Monday, racing to a record high as traders piled into the world’s largest cryptocurrency in anticipation of friendlier crypto regulations under President-elect Donald Trump, who will take office later in the day.

At 08:55 ET (13:55 GMT), Bitcoin traded 2.7% higher to $107,750, having earlier hit a record high of $109,590.

The crypto rose in volatile trade, with crypto market volatility having ramped up over the weekend after Trump launched his own memecoin, $TRUMP, to outsized demand. The token became one of the most valuable cryptocurrencies in less than a day, but logged wild swings in the process.

Trump policies in focus as inauguration looms 

Trump is set to take office later Monday, and the President-elect has promised to dole out crypto-friendly regulations during his second term, and has vowed to make America the “crypto capital” of the world.

While Trump did nominate several pro-crypto candidates to key regulatory positions, markets were uncertain over what policies he will outline, given that some of his more ambitious promises, such as a Bitcoin Strategic Reserve, could require Congressional approval.

Uncertainty over the impact of Trump’s policies on the broader economy, especially given his hardline stance on immigration and trade, kept risk appetite subdued. 

Trump, Melania memecoin volatility dents crypto appetite 

Crypto markets initially cheered the launch of Trump’s memecoin, $TRUMP, which accelerated sharply since its launch on Friday. The token was seen rallying over 7000% within hours of its launch, gaining a market capital of over $14 billion.