Bitcoin rallied to a new record high on Monday morning, with other major cryptocurrencies like Ethereum and XRP also on the rise. This surge came ahead of Donald Trump’s inauguration as US President and expectations of a more crypto-friendly administration.
Bitcoin, the world’s most recognised cryptocurrency, has surged to a new record high ahead of Donald Trump’s inauguration in Washington, DC. During Asian trading, its value climbed by 4%, reaching an unprecedented $109,134.79.
Earlier in the week, Bitcoin dropped to $90,000, representing a 17.5% decline from its previous high. Meanwhile, US spot Bitcoin ETFs experienced their second-largest outflow since inception, with investors pulling a net $583 million in a single day.
Deutsche Bank noted that the cryptocurrency market, particularly Bitcoin, experienced “remarkable dynamics” in 2024, with Bitcoin prices rising by 120% over the year and 33% since Trump’s November victory.
