Bitcoin has soared, hitting a new all-time high of around $110,000, consistent with bitcoin, as Donald Trump prepares to return to the White House (with the market gearing up for a big week ahead).
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Bitcoin’s value has skyrocketed, reaching levels seen since Trump’s election victory in November, after Trump and his wife Melania stunned the crypto market with the launch of rival memecoins over the weekend.
Now, as Trump is expected to be able to create a stash of U. S. Bitcoin that can hold other rival cryptocurrencies, Bitcoin’s value has experienced what has been described as a “divine candle. “
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“God candle,” Samson Mow, a bitcoin developer who leads the Jan3 bitcoin wallet company, posted to X and referring to a sudden spike in the bitcoin price that creates a “candle” on a trading chart as the bitcoin price suddenly soared, hitting $109,400 on the Coinbase bitcoin and crypto exchange.
Mow has predicted the bitcoin price will rocket to $1,000,000 in 2025, pointing to Trump’s return to the White House and the recent growth of the global money supply.
“History will be made on Monday when Trump becomes the first pro-crypto president in the United States, and new all-time highs are possibly imminent,” wrote Lark Davis, a Bitcoin and crypto influencer and the Wealth Mastery newsletter, noting that according to prediction platform Polymarket, “the chances of the U. S. creating a strategic Bitcoin reserve in 2025 have skyrocketed. “
In July, then Republican presidential candidate Trump promised to create a “strategic national bitcoin reserve” and predicted bitcoin could eclipse gold’s $16 trillion market capitalization during an appearance at the Bitcoin 2024 conference.
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The value of bitcoin has reached a new all-time high, as high as $110,000 compared to bitcoin, as Donald Trump. . . [+] revolutionizes the cryptocurrency market.
“We Trump will turn some of his crypto rhetoric into action during his first 90 days in office, which deserve to catapult prices,” Ed Hindi, chief investment officer at Tyr Capital, said in emailed comments.
“Creating a U.S. bitcoin strategic reserve will be one of them. Other countries will be forced to follow suit and hence create a price action virtuous cycle.”
Trump, the so-called crypto president, reportedly issued several crypto-related executive orders on his first day back in the White House on Jan. 20, one of which is expected to cause a massive explosion in Bitcoin prices.
“The sudden increase has come from a bunch of potential pro-crypto executive orders that Trump could start issuing from Monday,” Davis wrote, adding: “Things are going to get interesting from here.”
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