Bitcoin reached a new all-time high ahead of Donald Trump‘s second inauguration as President of the United States.
Data from CryptoSlate shows Bitcoin climbing over 5% in the past hour, gaining nearly $10,000 to hit $109,300—just short of the $110,000 mark. This upward momentum also boosted other major cryptocurrencies, including Ethereum, XRP, and Solana, which all rose by over 3% during the same period.
Meanwhile, the rapid price increase led to significant losses for traders holding short positions.
In the past hour alone, bearish traders faced losses exceeding $100 million, with Bitcoin shorts accounting for more than $60 million. Over the last 24 hours, liquidations across the crypto market topped $1.2 billion, with short sellers losing a staggering $900 million.
Market observers pointed out that the rally aligns with growing optimism in the crypto community about Trump’s second term.
Indeed, many expect his administration to introduce policies that could favor the industry. Notably, the new President has hinted at making the United States a leader in crypto innovation and has fully embraced the emerging industry, fueling positive sentiment among investors.
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