Bitcoin Hits New Record High, Surging to $109.4K
The price surpassed the giddy level hit just hours prior to the inauguration of President Trump on January 20.
Bitcoin
BTC$106,546.31 clinched a fresh record price of $109,400, surpassing the peak in January around Donald Trump’s inauguration.
According to the CoinDesk Bitcoin Index, the largest and oldest cryptocurrency hit $109,486 on Wednesday during the early U.S. session. BTC surged more than 46% from its April trough induced by mounting freas over global trade war and U.S. tariffs.
The new all-time high came as spot bitcoin exchange traded funds (ETF) gobbled up $3.6 billion in net inflows in May, a sign of rejuvenated investor interest. A slew of bitcoin-focused treasury companies, including Michael Saylor’s Strategy and newly-launched firm Twenty One Capital added to the buying spree, helping lift BTC to a new record.
Positive regulatory shift in the U.S. have further supported the market, improving acceptance to digital assets as an asset class. The U.S. Senate advancing a bill to regulate stablecoins.
BY: Krisztian Sandor
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