Bitcoin Surges to Historic High of Over $109,000 Ahead of Trump's Inauguration
Bitcoin, the world's largest cryptocurrency, reached an unprecedented peak of $109,241 just before Donald Trump's inauguration as President of the United States. The surge comes in the wake of Trump's election victory in November, during which he indicated intentions to deregulate the cryptocurrency market.
After hitting its peak, Bitcoin retreated slightly to $107,765 around 07:40 GMT. This significant increase marks the first time the cryptocurrency has surpassed the $100,000 threshold, a milestone previously reached in early December. The recent rise is attributed to Trump's nomination of cryptocurrency supporter Paul Atkins to lead the U.S. securities regulator, which has raised expectations about favorable regulatory changes.
Trump's views on cryptocurrencies have evolved; despite initially criticizing them as a "scam," he became a fierce advocate during his campaign. Over the weekend, he also launched a new cryptocurrency called $TRUMP, which has garnered substantial market interest.
Bitcoin was introduced in 2008 as a decentralized digital currency designed to operate independently of traditional financial institutions. However, it continues to face scrutiny for its association with illicit activities and its significant energy consumption during the mining process.
As the market remains highly volatile and unpredictable, industry observers are closely monitoring the impact of Trump's presidency on cryptocurrency regulation and market dynamics.
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