Crypto giant Bitcoin surged to a new all-time high on Monday but it returned to neutral levels after President Donald Trump’s inauguration.
The digital currency had been hovering around $103,000 ahead of the event and jumped as high as $109,350.72 as rumors temporarily stirred the market.
Investors are embracing the inauguration week as symbolic of a golden age for crypto as the current US administration announced executive orders on the digital currency.
Crypto enthusiasts in the country are hoping the government will create a crypto advisory council and establish a national Bitcoin reserve.
Last weekend, Donald Trump promoted the meme token ‘Trump Official’ which had a market value of over $10 billion on Monday.
According to Bitget CEO Gracy Chen, rumors that the cryptocurrency may be declared an asset of national interest by the United States during the inauguration had a positive impact on the price of Bitcoin.
Bitcoin's new record opens the door to the possibility of an extended rally to the target level of $130,000 in the future.
