The price of bitcoin has surged to over $109,000 just hours ahead of President-elect Donald Trump's inauguration, as a pumped up cryptocurrency industry expects early action by him soon after he takes office.

Donald Trump's newly created cryptocurrency soared on Monday to nearly $11 billion in market value, drawing in billions in trading volume, while bitcoin hit a record high just hours ahead of the U.S.

Bitcoin briefly dipped below $100,000, leading a wider market rout that saw over $1 billion in crypto liquidations in the past day.

In December, Trump tapped Paul Atkins to lead the Securities and Exchange Commission. Atkins, a former SEC commissioner under President George W. Bush, has worked recently on digital assets and is set to replace Gary Gensler, who is seen by many as a crypto critic.

The cryptocurrency market’s turbulence persists as Bitcoin (BTC) surged by approximately $7,000 within minutes, achieving a new all-time high of $109,114, as per data from coinmarketcap. As per data from Binance,

The price of bitcoin surged to over $100,000 early Monday on the bet that Trump will take cryptocurrency industry-friendly action soon after returning to the White House.

Bitcoin climbed to a fresh record as the US prepares to inaugurate Donald Trump to his second presidential term, following a weekend during which his own newly-launched digital token rattled crypto markets.

Bitcoin (BTC) zoomed to a record level above $109,000 during the Asian trading hours on Monday ahead of Republican Donald Trump's scheduled