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 $12 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.

Despite being critical of cryptocurrency in his first term, President Trump and his family have come full circle. He is now a champion of the decentralised currency, with crypto-enthusiasts betting he will help the industry once he is in power.

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 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). The bitcoin price shot higher,

The U.S. dollar dropped and bitcoin hit an all-time high on Monday before Donald Trump’s inauguration as U.S. president later in the session, with investors focusing on policy announcements that could immediately affect the greenback.