Bitcoin reached a historic peak of $109,241 on Monday, coinciding with Donald Trump's inauguration as President of the United States. This surge in value reflects a broader optimism within the cryptocurrency market, particularly as Trump has indicated intentions to deregulate the sector. Following this peak, Bitcoin's price adjusted to $107,765 by 07:40 GMT.
The cryptocurrency has experienced significant growth since Trump's election victory in November, notably surpassing the $100,000 mark for the first time in early December.
This upward trend was bolstered by Trump's nomination of Paul Atkins, a known supporter of cryptocurrencies, to lead the U.S. Securities and Exchange Commission. Such appointments have fostered expectations of a more favorable regulatory environment for digital assets.
Trump's relationship with cryptocurrencies has evolved; he previously labeled them a "scam" but became a vocal advocate during his campaign. Recently, he launched his own cryptocurrency token, $TRUMP, which saw substantial market interest and contributed to an increase in overall market capitalization.
In a post on his Truth Social platform celebrating Bitcoin's milestone of $100,000, Trump expressed his support for cryptocurrency enthusiasts, suggesting that their success was linked to his administration's policies.
Despite its popularity, Bitcoin has faced criticism for its association with illicit activities and environmental concerns related to its energy-intensive mining process.
