Bitcoin has suddenly shot higher, climbing to a fresh all-time high of around $110,000 per bitcoin as Donald Trump gears up to reenter the White House (with the market braced for a big week ahead).Unlock over $3,000 in NFT, web3 and crypto perks — Apply now!
The bitcoin price shot higher, hitting levels not seen since the aftermath of Trump’s November election victory, after Trump and his wife Melania stunned the crypto market by launching rival memecoins over the weekend.
Now, as expectations build that Trump could create a U.S. bitcoin reserve that may contain other, rival cryptocurrencies, the bitcoin price has experienced what has been described as a “god candle.”
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“God candle,” Samson Mow, a bitcoin developer who leads the Jan3 bitcoin wallet company, posted to X and referring to a sudden spike in the bitcoin price that creates a “candle” on a trading chart as the bitcoin price suddenly soared, hitting $109,400 on the Coinbase bitcoin and crypto exchange.
Mow has predicted the bitcoin price will rocket to $1,000,000 in 2025, pointing to Trump’s return to the White House and the recent growth of the global money supply.
“History will be made on Monday when Trump becomes the first pro-crypto president in the U.S., and new all-time highs could be imminent,” Lark Davis, a bitcoin and crypto influencer and writer of the Wealth Mastery newsletter, wrote, pointing to “the odds of the U.S. creating a strategic bitcoin reserve in 2025 have skyrocketed” on the crypto-powered prediction platform Polymarket.
In July, then Republican presidential candidate Trump promised to create a “strategic national bitcoin reserve” and predicted bitcoin could eclipse gold’s $16 trillion market capitalization during an appearance at the Bitcoin 2024 conference.
Sign up now for CryptoCodex—A free, daily newsletter for the crypto-curiousThe bitcoin price has hit a fresh all-time high, soaring toward $110,000 per bitcoin as Donald Trump … [+] shakes up the crypto market.Forbes Digital Assets”The sudden increase has come from a bunch of potential pro-crypto executive orders that Trump could start issuing from Monday,” Davis wrote, adding: “Things are going to get interesting from here.”
Trump, the self-styled crypto president, will reportedly issue several crypto-related executive orders on his first day back in the White House, January 20—with one predicted to spark a huge bitcoin price boom.
“The Trump team has made it very clear that this is a priority,” an anonymous source told the Washington Post.