Bitcoin Price Crosses $109K to Hit ATH as Trump Prepares to Take Office
Bitcoin (BTC) has surged past $109,000 as President-elect Donald Trump prepares to begin his second term in the White House. The cryptocurrency briefly hit an all-time high (ATH) of $109,111 on Jan. 20, according to data from CoinMarketCap, before quickly retreating below $108,000. At the time of writing, Bitcoin is trading at $108,342, marking a 3% increase over the past 24 hours.
Bitcoin Rallies Ahead of Trump Inauguration
This record-breaking rally comes just hours before Trump is set to be inaugurated as the 47th President of the United States at 4:00 pm UTC. Trump’s upcoming presidency has sparked significant bullish sentiment in the crypto market, with his victory in November 2024 fueling Bitcoin’s rise above $100,000 for the first time in December. Optimism among cryptocurrency enthusiasts centers around Trump’s anticipated pro-crypto policies, including the possibility of establishing a strategic Bitcoin reserve and loosening crypto regulations. The inauguration marks a pivotal moment for both U.S. politics and the global crypto market, as investors eagerly watch how Trump’s policies may shape the future of digital assets. Bitcoin’s meteoric rise underscores its growing role as a key financial instrument in uncertain times.
As reported, Trump is expected to prioritize executive orders addressing crypto de-banking and revising a controversial bank accounting policy. The anticipated orders include a repeal of a policy introduced under the Biden administration, requiring banks holding cryptocurrency to list the digital assets as liabilities. This policy stems from the Securities and Exchange Commission’s March 2022 Staff Accounting Bulletin, SAB 121, which has faced resistance from the crypto industry. The Trump team has reportedly emphasized the urgency of reversing these measures, with sources close to the discussions confirming their high priority.
U.S. Crypto Landscape Poised for Growth Under Trump
In a recent comment shared with Cryptonews.com, Luca Sorlini, Head of Product at Northstake, said Donald Trump’s presidency could reshape the U.S. crypto industry. According to Sorlini, the administration has the potential to foster significant growth by addressing key challenges and leveraging America’s inherent advantages. Sorlini emphasized that under Trump, clear regulatory guidelines could transform the U.S. into a hub for crypto innovation. “American crypto companies currently operating offshore could relocate back to the U.S., enriching the domestic ecosystem,” he noted. By reducing legal uncertainties, companies can focus on creating value, taking risks, and driving adoption, ultimately strengthening the market.
Priorities for 2025
Sorlini outlined essential steps for the administration, including comprehensive regulations for tokens, stablecoins, and virtual asset service providers (VASPs). He also advocated for promoting dollar-denominated stablecoins internationally to reinforce the U.S. dollar’s global dominance and demand for treasuries. The U.S., with its vast capital markets and innovative ecosystem, is well-positioned to rival crypto leaders like Singapore and Switzerland. “The obstacles, primarily regulatory uncertainties, can be tackled quickly,” Sorlini said, adding that balancing innovation with safeguards is crucial.
