Bitcoin has been on the rise for quite some time, and it managed to hit an all-time high on the Inauguration Day. The world’s biggest cryptocurrency has soared to $109,000 ahead of Donald Trump’s swearing-in as the 47th president of the United States, only to drop 5% after he assumed the presidency for a second term.
Bitcoin soared nearly 60% in value since Trump won the presidential election back in November and pledged to make the US “the crypto capital of the planet.” Bitcoin surpassed $100,000 for the first time in early December and hit a new high on the Inauguration Day, rising to over $109,000.
Gracy Chen, CEO of crypto exchange Bitget, addressed the Bitcoin surge in an interview with CNBC, and said that the “rumors that cryptocurrency may be declared a national interest by the United States during the inauguration are having a positive effect on the price of bitcoin.”
That moment never came, and Bitcoin dropped 5% from its all-time high after there was no mention of crypto in Trump’s inauguration speech. The Inauguration Day hasn’t been kind on the dollar either, and we’ve watched it tumble after the new administration shied away from imposing new trade tariffs on the first day in office.