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 worldโs largest crypto is trading at $106,940, gaining around 2% over the past 24 hours, per crypto.newsโs 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 Bitcoinโs strategic reserve during his inauguration speech, which starts at noon Eastern Time on Monday, Jan. 20, inside the Capitol Rotunda. So far, Trump hasnโt confirmed that heโll talk about Bitcoin, but rumors are still swirling that heโll 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 โ 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 Treasuryโs current gold holdings.
Despite Bitcoinโs price spike, it still lags behind some altcoins, which have been seeing big returns after Trumpโs 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.
