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Bitcoin reaches record high before Trump's inauguration
(MENAFN) Bitcoin reached a record high on Monday, surpassing USD109,000 as Donald Trump, who plans to deregulate the cryptocurrency industry, prepares to be sworn in as the 47th US president. The cryptocurrency briefly surged to an all-time peak of USD109,241 before settling at around USD107,000.
The surge comes as Bitcoin has gained nearly 60 percent in value since Trump won the presidential election in early November, marking its first crossing of the USD100,000 threshold at the beginning of December.
Trump’s nomination of cryptocurrency supporter Paul Atkins to head the US Securities and Exchange Commission (SEC) has reinforced optimism among investors that the new administration will pursue deregulation of the sector.
Despite previously labeling cryptocurrencies as a "scam," Trump has since reversed his position, becoming a vocal proponent during his election campaign. Upon Bitcoin reaching USD100,000, Trump celebrated the milestone on his Truth Social platform, writing: “CONGRATULATIONS BITCOINERS!!! USD100,000!!! YOU'RE WELCOME!!! Together, we will Make America Great Again!"
The surge comes as Bitcoin has gained nearly 60 percent in value since Trump won the presidential election in early November, marking its first crossing of the USD100,000 threshold at the beginning of December.
Trump’s nomination of cryptocurrency supporter Paul Atkins to head the US Securities and Exchange Commission (SEC) has reinforced optimism among investors that the new administration will pursue deregulation of the sector.
Despite previously labeling cryptocurrencies as a "scam," Trump has since reversed his position, becoming a vocal proponent during his election campaign. Upon Bitcoin reaching USD100,000, Trump celebrated the milestone on his Truth Social platform, writing: “CONGRATULATIONS BITCOINERS!!! USD100,000!!! YOU'RE WELCOME!!! Together, we will Make America Great Again!"
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