Bitcoin (BTC) has exceeded $111,000 for the first time, reaching a record high, with traders becoming increasingly optimistic about the prospects of the original cryptocurrency amid growing institutional demand, UNN reports, citing Bloomberg.
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Bitcoin rose 3.3% on Thursday, reaching a record high of $111,878, according to data compiled by Bloomberg. Smaller tokens also rose in price, with Ether, ranked second, rising by about 5.5%.
A wave of optimism is supporting Bitcoin after the advancement of a key stablecoin bill in the US Senate fueled hopes for greater regulatory clarity for digital asset companies under President Donald Trump, an outspoken supporter of cryptocurrency. Growing demand from Michael Saylor's Strategy, which has accumulated more than $50 billion in Bitcoin, and a growing list of token holders is another driver of growth.
"It has been a slow move to new all-time highs," said Joshua Lim, global head of markets at FalconX Ltd.
Bitcoin's latest milestone comes as Trump prepares to meet with the largest holders of his memecoin at a dinner at his golf club outside Washington on Thursday.
Bitcoin updated its historical high, rising above $109,00021.05.25, 19:14