On Monday, Bitcoin hit a record peak, fueled by increasing anticipation that President-elect Donald Trump might refer to Bitcoin savings in his inaugural address, sparking further interest.
On Monday, January 20th, the price of Bitcoin (BTC) reached a new record peak of $109,114, but later dipped slightly. Currently, it’s being traded at approximately $106,940, marking a roughly 2% increase over the last 24 hours, according to the Bitcoin price section on crypto.news.
The sharp increase in prices propelled the combined value of all cryptocurrencies to reach an astounding $3.7 trillion. This surge is generating excitement within the crypto community, who are speculating that Donald Trump might discuss Bitcoin’s strategic reserve during his inauguration speech on Monday, Jan. 20, at noon Eastern Time in the Capitol Rotunda. Although Trump has yet to confirm whether he will mention Bitcoin, there is widespread speculation that he may do so.
🚨RUMOR ALERT: LEAKED INAUGURATION SPEECH SCRIPT INCLUDES A BITCOIN STRATEGIC RESERVE
SEND IT 🚀
— Bark (@barkmeta) January 20, 2025
Senator Cynthia Lummis, a Republican from Wyoming who is supportive of cryptocurrency, presented the BITCOIN Act to the U.S. Senate on July 31st. The purpose of this bill is for the U.S. Treasury to acquire one million Bitcoins, which amounts to approximately 5% of the total supply. To accomplish this, Lummis suggests using funds that are already available with the U.S. Treasury to purchase Bitcoin in quantities similar to the Treasury’s current gold holdings.
Even though Bitcoin experienced a price surge recently, it’s worth noting that some alternative cryptocurrencies, such as MELANIA (MELANIA), Fartcoin (FARTCOIN), and Aave (AAVE), have managed to outperform Bitcoin following Trump’s meme coin launch on Solana. In the last 24 hours alone, these tokens have seen significant gains – MELANIA by 68%, Fartcoin by 35%, and Aave by 18%.
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2025-01-20 11:50