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Bitcoin puts in all new record of $109,354 on inauguration day

A physical Bitcoin

It's a big day in America today with the inauguration of Donald Trump into the office of President of the United States, again. Buoyed by his perceived support for cryptocurrencies, Bitcoin has today put in an all-time high and it's fairly significant. According to TradingView, the original crypto set a new record price of $109,354, before falling back to just under $106,400 at the time of writing.

The rise in price has a few reasons, but one of the key ones is that President-elect Trump is putting crypto-friendly people into key regulatory positions. This will help investors feel more confident that the government isn't about to clamp down on the sector. Trump has also claimed he wants to establish a strategic national Bitcoin reserve, this will potentially take thousands of Bitcoin out of circulation, pushing up the price of those being publicly traded.

If you have ever looked at the Bitcoin price charts over the weekends, you'll know that it doesn't really move much, and it also tends to track the general movements of the US stock market. Bitcoin has broken from this general trend today, though. The markets in the US are not open today, but Bitcoin's price has shifted a lot from lows of $99,469, to over $109,000.

Bitcoin also got a big Trumpian boost the day after the election. It started that day at around $69,000 and by the end it had shot up to $75,000. At the peak of that rally, it reached around $108,000 before reaching a low of $89,000 in subsequent weeks.

While today and the coming weeks could see even more Bitcoin highs, it's best to be cautious with Bitcoin going forward. While Trump has made positive noises about Bitcoin, if what he says doesn't end up coming to fruition, this inaction could be reflected in the Bitcoin price down the line. Also, if the stock market rally on the back of AI turns out to be a bubble, there's a strong chance that Bitcoin could also drop in price.

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