Bitcoin reached a new all-time high on Monday as excitement grows over President-elect Donald Trump possibly mentioning Bitcoin reserves in his inauguration speech.
Bitcoin (BTC) price recorded its new all-time high of $109,114 on Monday, Jan. 20, before retracing slightly. The world’s largest crypto is trading at $106,940, gaining around 2% over the past 24 hours, per crypto.news’s Bitcoin price page.
This price surge pushed the total crypto market cap to $3.7 trillion. The jump comes as the crypto community buzzes with speculation that Donald Trump will address Bitcoin’s strategic reserve during his inauguration speech, which starts at noon Eastern Time on Monday, Jan. 20, inside the Capitol Rotunda. So far, Trump hasn’t confirmed that he’ll talk about Bitcoin, but rumors are still swirling that he’ll do so.
Pro-crypto Senator Cynthia Lummis, a Republican from Wyoming, officially introduced the BITCOIN Act to the U.S. Senate on July 31. The bill aims for the U.S. Treasury to acquire 1 million Bitcoin — about 5% of the total supply. To achieve this, Lummis proposes using existing U.S. Treasury funds to purchase Bitcoin in quantities that align with the Treasury’s current gold holdings.
Despite Bitcoin’s price spike, it still lags behind some altcoins, which have been seeing big returns after Trump’s meme coin launch on Solana. Tokens like MELANIA (MELANIA), Fartcoin (FARTCOIN), and Aave (AAVE) have gained 68%, 35%, and 18% respectively in the last 24 hours.
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