Bitcoin soared to a fresh record high above $111,000 on Thursday, driven by optimism over U.S. regulatory progress, particularly the advancement of the GENIUS Act aimed at establishing a national framework for stablecoins.
The world’s largest cryptocurrency jumped 3.8% to $111,588.0 as of 00:55 ET (04:55 GMT).
It reached as high as $111,834.1 on Thursday, surging significantly past the previous record of above $109,000.
Bitcoin has climbed more than 18% in May so far.
Bitcoin at record peak on regulatory cheer The legislation, formally titled the “Guiding and Establishing National Innovation for U.S. Stablecoins” Act, moved forward in the U.S. Senate this week.
Investors view the bill as a pivotal step toward comprehensive crypto regulation, which could provide legal clarity and encourage broader institutional participation in the digital asset space.
The bill is likely set for a Senate floor vote later this week, clearing which it will be sent to President Donald Trump’s office for approval.
The Trump administration’s establishment of a Strategic Bitcoin Reserve in March, aimed at positioning the U.S. as a leader in digital assets, has further fueled market enthusiasm.
Bitcoin sees increased adoption, strong ETF flows While regulatory cheer dominated sentiment, analysts noted that steady inflows into U.S.-listed spot Bitcoin exchange-traded funds continued to underpin demand.
The bullish outlook comes amid broader signs of growing adoption. Financial giants, including Fidelity and BlackRock (NYSE:BLK), have recently expanded their crypto offerings.
3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads. This week, JPMorgan (NYSE:JPM) CEO Jamie Dimon, a vocal critic of cryptocurrencies, said the bank will now allow clients to purchase Bitcoin, signaling a major shift in Wall Street’s stance toward digital assets.
Earlier in May, crypto exchange Coinbase Global Inc (NASDAQ:COIN) marked a milestone by joining the S&P 500 index, becoming the first company in the digital asset space to be included in the benchmark.
“More investors, including major funds, are now treating Bitcoin as a long-term asset rather than just a speculative play," Stephen Wundke, Director of Strategy & Revenue at quantitative digital asset investment firm Algoz, told Investing.com a day earlier.
Crypto price today: altcoins climb tracking Bitcoin rally Most altcoins also extended gains on Thursday, in line with Bitcoin’s rise.
World no.2 crypto Ethereum rose 1.3% to $2,627.06.
World no. 3 crypto XRP was largely unchanged at $2.4109.
Solana gained 3.6%, while Cardano jumped 4.5%, and Polygon climbed 6%.
Among meme tokens, Dogecoin was trading 4% higher, while $TRUMP surged 7%.
