Bitcoin BTC/USD tapped a new record high of $109,000 past Sunday midnight ahead of Donald Trump’s presidential inauguration
What happened: The world’s largest cryptocurrency briefly touched $109,000, bettering its previous record at $108,135. However, the coin couldn’t sustain its rally and retraced to the $107,000 zone as of this writing.
The spike spurred a broader market rally, causing large-cap cryptocurrencies like Ethereum ETH/USD and XRP XRP/USD to trade in the green.
See Also: Italy’s Largest Bank Leaps Into Bitcoin Trading With $1 Million ‘Test’ Investment But CEO Says He Doesn’t Invest In BTC Personally
Why It Matters: The record-breaking surge comes hours ahead of the presidential inauguration of Trump, who championed the industry's cause during his election campaign.
The market has been brimming with optimism, as reports have indicated that the president-elect would announce several measures to help the digital asset industry expand, including declaring cryptocurrency a national priority.
The rally also reversed losses incurred Sunday evening following the dramatic dump of Trump’s official meme coin, OFFICIAL TRUMP.
Price Action: At the time of writing, Bitcoin was exchanging hands at $107,955.61, up 3.25% in the last 24 hours, according to data from Benzinga Pro.
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