Bitcoin set a new peak above $109,000 Monday, ahead of Donald Trump’s swearing in as the 47th president.

Stock futures edged higher, following gains for equity markets in Asia and Europe, with Nasdaq-100 contracts advancing the most. U.S. stock and bond markets are shut Monday to mark Martin Luther King Jr. Day.

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Bitcoin rose as high as $109,225, an intraday record, according to a CoinDesk index, before slipping back. Trump has positioned himself as a cryptocurrency champion, vowing moves such as establishing a U.S. bitcoin stockpile. Since he was elected, bitcoin has surged more than 50%.

The president-elect and his wife Melania began selling new cryptocurrencies in recent days, meme coins named $TRUMP and $MELANIA. The projects quickly drew disapproval, with some critics saying the tokens create significant conflicts of interest.

Trump will be sworn into office around noon ET. Investors are bracing for him to issue a blitz of executive orders hours after becoming president, spanning border control, energy and government reform.

“Once those executive orders start coming through and the implications of those are analyzed, that’s where you’ll see sway on markets,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown.

That will likely keep asset prices volatile, Streeter said. “It could be that some of the worst fears may not materialize; on the other hand, there could be a move that comes out of the blue.”

U.S. stocks made big gains last week, following strong bank earnings and an inflation report that suggested underlying price pressures are easing. But many investors are bracing for potential turbulence, worrying that Trump’s promised policies, including hefty tariffs, could reaccelerate inflation—with far-reaching consequences for markets and Federal Reserve policy.

Stock indexes in Asia rose Monday. Trump and Chinese leader Xi Jinping spoke by phone Friday, and Trump has told advisers he wants to travel to China after taking office, The Wall Street Journal reported. Boosting optimism, the Chinese-owned social-media app TikTok started restoring service Sunday for its U.S. users, hours after shutting down.

Hong Kong’s Hang Seng Index added 1.7%, while the Shanghai Composite ticked up. In Europe, the broad Stoxx Europe 600 edged higher.