Bitcoin Surges Past $100,000 Ahead of Trump Inauguration

The largest crypto asset by market cap gained over 5% in the last 24 hours, rising from an intraday low of $97,500 on Thursday to over $103.5K at press time.

Bitcoin soared past the six-figure mark on Friday as traders eyed President-elect Donald Trump's inauguration on January 20 with anticipation.

The world's largest crypto asset by market cap rose over 5% in 24 hours, moving from an intraday low of $97,500 on Thursday to trading above $103.5K at press time.

After slipping below $90,000 earlier this week on stronger-than-expected labor data, Bitcoin began to recover following the release of favorable CPI figures on Wednesday.

Comments from Federal Reserve Governor Christopher Waller suggesting multiple interest rate cuts in 2025 further fueled the recovery.

Anticipation of Trump's pro-crypto policies drove bullish sentiment as Bitcoin aimed to breach its all-time high of $108,000, reached in mid-December.

Despite the optimism, some industry experts cautioned against overexuberance.

“I think that a lot of the crypto industry is getting a little ahead of itself, believing that the Trump administration is immediately going to supercharge the market,” said Boris Bohrer-Bilowitzki, CEO of Blockchain Tech company Concordium.

Bohrer-Bilowitzki stated that while there may be excitement on Trump's first day in office, a sustained bull market would require innovative companies to return their operations and investments to the US.

In related news, a Bloomberg report suggested that Trump may issue an executive order declaring crypto a national priority and establishing a crypto advisory council.

This move could further bolster the optimism in the market, with a 43% probability on Polymarket that Trump will also create a strategic Bitcoin reserve within his first 100 days in office.