Bitcoin (BTC) zoomed to a record level above $109,000 during the Asian trading hours on Monday ahead of Republican Donald Trump’s scheduled inauguration later in the day.
BTC reversed losses from earlier in the day when it fell to nearly $100,000 from a high over $102,000 on Sunday as first lady Melania Trump issued a memecoin, drawing liquidity away from major assets.
Trump has been vocal about his support for cryptocurrencies during his campaign. Promises like making the U.S. the “crypto capital of the planet” and creating a “strategic national bitcoin reserve” have fueled investor optimism.
The largest cryptocurrency touched $109,333 on Binance.
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