Bitcoin rises above $100,000 ahead of Trump's inauguration

Key Points

  • Bitcoin surged above $100,000 for the first time in weeks, influenced by President-elect Donald Trump's upcoming inauguration.
  • The cryptocurrency has seen a significant rally since Trump's election, with prices jumping from around $69,000 to over $106,000 before experiencing some reversals due to inflation concerns.

Summary

Bitcoin has experienced a notable resurgence, climbing back above $100,000 as President-elect Donald Trump's inauguration approaches. The cryptocurrency's value increased by over 3% to $102,754 on Monday morning, marking a significant recovery from its price of around $90,000 earlier in the week. Trump's influence on the crypto market has been substantial since his election, with Bitcoin reaching several record highs. His public endorsement and policy suggestions, like establishing a national Bitcoin reserve and promoting U.S. mining, have contributed to this surge. Despite some volatility due to inflation concerns, recent economic indicators like the December consumer price index have provided some relief to investors. Moreover, Trump's appointment of Paul Atkins, a known cryptocurrency advocate, to head the SEC, signals potential regulatory support for digital assets, further fueling optimism in the market.

yahoo
January 17, 2025
Crypto
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