Bitcoin exceeds $110,000 threshold for 1st time amid regulatory optimism
Largest cryptocurrency's price at $110,840 as of 0930GMT, after hitting all-time high of $111,860
The price of Bitcoin on Thursday surpassed the $110,000 threshold for the first time in history after the recent advancement of a key stablecoin bill in the US Senate.
The value of the global cryptocurrency market, including Bitcoin, reached $2.2 trillion Thursday, according to data from Coinmarketcap.
The price of Bitcoin, the largest cryptocurrency, has risen by around 2.8% in the last 24 hours, reaching the new record high of $111,860, while also soaring 8% weekly.
Bitcoin was trading at $110,840 as of 0630GMT, while its transaction volume in the last 24-hour period was around $91.9 billion.
The previous high of $109,288 was reached in January, and the new record trading level comes after a period of stabilization.
The surge in the biggest cryptocurrency in the world coincided with a larger spike in digital assets this month, which has been fueled by positive policy changes under President Donald Trump and a brief improvement in Washington-Beijing trade ties.
Developments regarding stablecoin law GENIUS Act have also been interpreted as a significant win for the cryptocurrency sector, indicating a more benevolent regulatory landscape.
Later this week, the Congress is expected to vote on the measure; if it passes, it will be forwarded to President Donald Trump's office for approval.
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