Bitcoin reached a new all-time high of $109,499.76 on Wednesday, marking a historic milestone for the world’s leading cryptocurrency. The surge comes on the back of rising optimism surrounding proposed legislation in the United States aimed at regulating stablecoins—digital assets pegged to the U.S. dollar.
According to analysts, the bipartisan momentum behind the bill has triggered renewed confidence in the broader digital currency landscape. While Bitcoin itself is not directly tied to dollar-backed stablecoins, the expectation of a clearer regulatory framework is encouraging institutional and retail investors alike. Analysts told AFP that increased legislative focus is seen as a step toward legitimising and stabilising the crypto ecosystem.
Bitcoin’s latest peak surpasses its previous record set on January 20, coinciding with Donald Trump’s presidential inauguration. The cryptocurrency had briefly crossed the $100,000 threshold on May 8, during the announcement of a British-American trade agreement, but this week’s rally has firmly solidified its upward trend.
Investor Appetite Grows Amid Calmer Global Sentiment
Beyond regulatory enthusiasm, Bitcoin’s recent momentum reflects a broader risk-on sentiment among investors. As global economic conditions improve and tensions ease between the U.S. and its trading partners, interest in high-risk, high-reward assets like cryptocurrencies has surged.
During his presidential campaign, former President Trump had publicly voiced support for cryptocurrencies. However, the impact of widespread trade tariffs during his administration introduced volatility into financial markets, briefly tempering investor confidence. With the current policy landscape showing signs of greater clarity, digital assets are once again gaining traction as part of diversified portfolios.
The crossing of the six-figure mark not only signals a major psychological milestone but also reinforces Bitcoin’s status as a maturing asset class. As legislative discussions continue and investor sentiment strengthens, analysts suggest that the current rally could extend further—provided macroeconomic conditions remain favourable and regulatory developments progress in a predictable manner.
While volatility remains a feature of the crypto market, Bitcoin’s performance this week reflects growing belief in its long-term role within the global financial system.