Bitcoin (BTC) hit a record high above $109,000 during Asian trading hours on Monday, ahead of Republican Donald Trump’s planned inauguration later in the day.
BTC reversed losses from earlier in the day when it fell to nearly $100,000 from a high of more than $102,000 on Sunday when first lady Melania Trump issued a memecoin, removing liquidity from major assets.
Trump has openly expressed his support for cryptocurrencies during his campaign. Promises such as making the United States the “crypto capital of the planet” and creating a “strategic national reserve of bitcoins” have fueled investor optimism.
The largest cryptocurrency reached $109,333 on Binance.
