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Bitcoin The rally continued on Thursday, winning a new record of nearly $112,000.
According to Coin Metrics, the flagship cryptocurrency price rose more than 3% to $111,777.01. Previously it reached $111,999.00.
Unlike rocket rally to new records, the long-standing Bitcoin observer has been used, but with the increasing institutional ownership of digital assets and the company’s adoption of it, it has been a slower climb than it appears in cryptocurrency maxims. Moody’s downgrade to US sovereign debt, which eased trade tensions between the US and China and highlighted a valuable alternative repository like Bitcoin, was a key catalyst.
James Butterfill, head of research at asset manager Coinshares, focused on Crypto, told CNBC via email that the Bitcoin move was “spurred by aggressive momentum, optimistic and expanding crypto regulations around us, and ongoing interest.”
The world’s biggest cryptocurrency price rise comes from a surge in Treasury yields despite US stocks falling on Wednesday. Interest rates jumped again on Thursday, but fell back from the high.
Bitcoin is usually correlated with the stock market, particularly the technology-rich NASDAQ. The movement of divergence of Bitcoin and stocks could be the result of investors looking for a valuable alternative.
Bitcoin has grown by more than 19% this year. According to SosoValue, Bitcoin ETFs are seeing strong and stable inflows, with only two days of leaks in May so far. Also, since the beginning of the year, the number of Bitcoin held by public companies has increased by 31% to around $349 billion, according to Bitcoin’s Treasury. This consists of 15% of the total Bitcoin supply.
US President Donald Trump and his AI and Cryptocrat David Sachs promoted the US pro-crypto agenda and supported the market.
This week, the Senate voted to advance its first cryptography to create a regulatory framework for Stablecoins. Trump wants to see the crypto regulations on his desk and says he is ready to sign by August before Congress takes a break. Also, this week, Coinbase took part in the S&P 500.
In addition to the bright news of Crypto, JPMorgan CEO Jamie Dimon is a prominent Bitcoin skeptic, saying the bank will allow clients to purchase digital currency.
