Bitcoin (BTC) hit an all-time high above $109,000 in trading hours in Asia on Monday, ahead of Republican Donald Trump’s scheduled inauguration later in the day. The largest cryptocurrency reached $109,333 on Binance.
Trump discussed the asset’s record performance in a speech on Sunday, along with gains in the US stock market as a whole.
“Since the election, the stock market has soared and small business optimism has soared to a 39-year high of 41 points. “Bitcoin has broken one record after another,” said TrumpArray
BTC reversed its losses from the previous day when it fell to nearly $100,000 from a high of over $102,000 on Sunday as first lady Melania Trump issued a memecoin, diverting liquidity from primary assets.
“Bitcoin hit $108,000 as other cryptocurrencies rose on the eve of the US presidential inauguration, with hopes that new policies and regulators will drive BTC’s value much higher this year as the US economy “The US continues to demonstrate long-term strength,” Ben El-Baz, lead CEO of HashKey Global, told CoinDesk in a Telegram message.
“The momentum has accelerated further thanks to the launch of the TRUMP and MELANIA memecoins, which have attracted more retail users, and we expect Trump to prioritize and reaffirm his commitment to the crypto industry. “
“Designating crypto as a national priority and launching TRUMP coin over the past few days have been strong, positive signals. As the main bellwether for the industry, Bitcoin’s surge was expected and is likely to continue through the week,” Jeff Mei, COO at BTSE, said in a Telegram message.
Bitcoin’s year-end targets range from $185,000 to $250,000, as CoinDesk previously reported.
This story originally appeared on Coindesk