Bitcoin (BTC) zoomed to a record high above $109,000 in Asian trading on Monday ahead of Republican Donald Trump’s scheduled inauguration later in the day.
BTC reversed losses from earlier in the day, falling to nearly $100,000 from a high of over $102,000 on Sunday as First Lady Melania Trump issued a memecoin that drew liquidity away from major assets.
Trump has been vocal about his support for cryptocurrencies during his campaign. Promises such as making the US 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.