Bitcoin hits record high, crossing $109,000, as Trump prepares to be sworn in as US President

Bitcoin hit a new record high on Monday, crossing over $109,000, January 20, 2025, ahead of US President-elect Donald Trump swearing in. At 1 pm IST, the cryptocurrency was worth $108,217.5600 a piece. This was a rise of 4.50% or $4,661.28, according to Bloomberg data. However, its all-time high was $109,241 just prior to this.

This also comes with both Trump and his wife Melania launching cryptocurrencies or 'meme coins' named after themselves; $TRUMP and $MELANIA respectively, showcasing their support for the cryptocurrency market.

At 1 pm IST, $TRUMP rose by 352.44%, reaching $0.005567, while $MELANIA rose 69.32%, reaching $12.41, according to CoinMarketCap data. This effect was also seen in other cryptocurrencies with Bitcoin's closest competitor Ethereum rising by 3.54%, reaching $3,384.20.