Bitcoin surged to a new all-time high of $109,499.76 on Wednesday, fueled by growing optimism around cryptocurrency legislation in the United States.
The latest peak surpasses Bitcoin’s previous record set on January 20, the day Donald Trump was sworn in as US President.
Bitcoin rose after US lawmakers showed increased bipartisan support for a bill to regulate stablecoins, digital currencies linked to the US dollar, analysts told AFP.
This development has generated renewed expectations for regulatory framework clarity, including implications for Bitcoin, despite its independence from dollar valuation.
The digital asset has benefited from improved economic conditions, with investors showing increased interest in higher-risk investments following reduced tensions between the United States and its commercial partners.
During his presidential campaign, Trump pledged support for cryptocurrencies. However, widespread US trade tariffs subsequently affected financial markets, introducing significant uncertainty.
Bitcoin surpassed the notable $100,000 mark on May 8, its first time since February, coinciding with the announcement of a British-American trade agreement.
The latest peak surpasses Bitcoin’s previous record set on January 20, the day Donald Trump was sworn in as US President.
Bitcoin rose after US lawmakers showed increased bipartisan support for a bill to regulate stablecoins, digital currencies linked to the US dollar, analysts told AFP.
This development has generated renewed expectations for regulatory framework clarity, including implications for Bitcoin, despite its independence from dollar valuation.
The digital asset has benefited from improved economic conditions, with investors showing increased interest in higher-risk investments following reduced tensions between the United States and its commercial partners.
During his presidential campaign, Trump pledged support for cryptocurrencies. However, widespread US trade tariffs subsequently affected financial markets, introducing significant uncertainty.
Bitcoin surpassed the notable $100,000 mark on May 8, its first time since February, coinciding with the announcement of a British-American trade agreement.
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