Bitcoin (BTC) has hit an all-time high of $118,000 for the first time since its inception. Due to the growing popularity of Bitcoin ETFs and increased corporate adoption, the cryptocurrency is setting new records.
The outperformance of Bitcoin is also due to strong support from U.S. President Donald Trump. His admiration for digital currency and friendly policies have triggered its growth.
Bitcoin: Trump’s Support to Cryptocurrency
The price of the cryptocurrency has risen significantly this year, especially after Trump took office. Bitcoin’s growth path has been further supported by a wave of companies adding Bitcoin to their corporate portfolios.
The broader market rally was temporarily affected earlier in the year due to President Trump’s “Liberation Day” tariffs, but Bitcoin has since bounced back, aided by institutional investment.
The U.S. Senate passed a Bill to Support Bitcoin
The U.S. Senate recently passed the GENIUS Act. The Act aims to regulate stablecoins, a cryptocurrency pegged to the U.S. dollar. The bill seeks to safeguard Bitcoin and protect consumers of stablecoins. It reinforces the legitimacy of the crypto space.
The House of Representatives will review the bill likely next week. It will mark a crucial step toward the crypto industry’s acceptance in mainstream finance.
Meanwhile, Ethereum (ETH) is also making its mark as the second-largest cryptocurrency. It is presently trading around $2,950. With Bitcoin and Ethereum leading the charge, the crypto market is seeing unprecedented growth, shaping the future of digital currencies.
Also Read: Fed Pauses Rate Hikes Again: How Stocks, Cryptocurrencies, Oil, And Gold Could React
Ankur Mishra is a journalist who covers an extensive range of news, from business, stock markets, IPOs to geopolitics, world affairs, international crises, and general news. With over a decade of experience in the business domain, Ankur has been associated with some of the reputed media brands. Through a sharp eye on global marketplaces along with deep insights and analysis of business strategies, Ankur brings simplicity to the complex economic matrix to decode market trends and empower people.
He is committed to entrenched data, facts, research, solutions, and a dedication to value-based journalism. He has covered trade tariff wars, international alliances, corporate policies, government initiatives, regulatory developments, along with micro- and macroeconomic shifts impacting global fiscal dynamics.
