Bitcoin (BTC) price rallied over 4 percent in the past 24 hours to surpass a previous psychological ceiling of about $109,353 and reach a record new all-time high of around $109,864 on Wednesday, May 11 during the mid North American trading session. Bitcoin’s market cap surpassed $2.17 trillion, thus overtaking Amazon and Google to become the 5th biggest asset in the world.
The wider altcoin market followed in tandem, thus the total crypto market cap rising to around $3.57 trillion. Consequently, around $400 million was rekt from the crypto leveraged, mostly involving short traders.
As the tariff war eases, investors’ concerns have shifted to the high U.S. debt amid anticipated stagflation. Earlier this week, Jamie Dimon, CEO of JPMorgan, highlighted that the $36 trillion U.S. debt, which is 122 percent of the country’s GDP, is a major concern.
Meanwhile, the Fed recently repurchased more than $43 billion in U.S. treasuries, thus quietly returning to quantitative easing (QE). On Wednesday, the 20-year U.S. Treasury yield climbed 5.104 percent, the highest level since November 2023.
As a result, Robert Kiyosaki, a financial educator, noted that the U.S. dollar will continue to weaken and push BTC price and Gold higher in the near term.
On Wednesday, the U.S. Senate advanced the GENIUS Act on stablecoins with the needed threshold of 60 votes. The bill now faces possible amendments, which could set the stage for enactment by August.
The notable advancement of crypto regulations in the United States will help in the mainstream adoption of digital assets, particularly by institutional investors.
The overall demand for Bitcoin by institutional investors, led by the U.S. spot BTC ETF issuers and Strategy, has significantly increased in the past month. Consequently, the overall BTC supply on centralized exchanges dropped to a multi-year low, which ultimately fueled the bullish sentiments.
Bitcoin price has gradually followed Gold price, amid the rising global money supply, in the recent past.
From a technical analysis standpoint, BTC price is well positioned to sustain its bullish momentum in the coming days and weeks, catalyzed by institutional and retail FOMO.
The crypto market continues to move upward, with Bitcoin recently crossing $110,000, getting closer to…
The WLFI team did not specify the financial details of the $B support but its…
The ex-Safemoon executives were charged with defrauding investors through unscrupulous smart contracts. SFM price dropped…
BlackRock, the world’s largest asset manager with AUM of $11.6 trillion, has been leading the…
Pakistan is officially stepping into the world of digital finance. The government has just launched…
The Texas Senate must confirm the House amendment to the SB-21 bill before it can…
