Bitcoin Hits Record High as Optimism Grows Ahead of Trump’s Inauguration
Bitcoin surged to a new all-time high just ahead of Donald Trump’s second inauguration as President of the United States, reflecting growing optimism about the future of cryptocurrency under his administration.
Bitcoin’s price jumped by over 5% in just one hour, climbing nearly $10,000 to reach $109,300, nearing the $110,000 milestone. This rally also had a ripple effect across the market, with Ethereum, XRP, and Solana gaining more than 3% during the same period.
The rapid price spike proved costly for bearish traders, with short positions suffering heavy losses. In the past hour alone, losses exceeded $100 million, with Bitcoin shorts accounting for over $60 million. Over the past 24 hours, liquidations in the crypto market totaled an astonishing $1.2 billion, with short sellers bearing the brunt of nearly $900 million in losses.
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The market’s enthusiasm appears to be tied to expectations that Trump’s administration will implement crypto-friendly policies. The incoming President has expressed intentions to position the United States as a global leader in cryptocurrency innovation, generating heightened investor confidence and fueling a bullish outlook for the industry.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
