Bitcoin soared to an unprecedented peak above $111,000 on Thursday, propelled by growing optimism over U.S. regulatory developments—particularly the progress of the GENIUS Act, designed to create a national regulatory framework for stablecoins.
The world’s largest cryptocurrency surged 3.8%, reaching $111,588 as of 12:55 a.m. ET (04:55 GMT) and hitting an intraday high of $111,834.1—smashing its previous record just above $109,000. Bitcoin has gained over 18% in May alone.
The “Guiding and Establishing National Innovation for U.S. Stablecoins” (GENIUS) Act advanced in the U.S. Senate this week, marking a crucial step toward comprehensive crypto regulation. Market participants believe the bill will provide much-needed legal clarity, encouraging broader institutional involvement in digital assets. The legislation is expected to reach a Senate floor vote shortly before being sent to President Donald Trump for final approval.
This regulatory momentum follows the Trump administration’s March announcement of a Strategic Bitcoin Reserve, aimed at positioning the U.S. as a global leader in digital assets—further energizing market sentiment.
Beyond regulation, strong inflows into U.S.-listed spot Bitcoin ETFs continue to underpin demand. Major financial players such as Fidelity and BlackRock have expanded their cryptocurrency offerings, signaling growing mainstream acceptance.
Notably, JPMorgan CEO Jamie Dimon—once a staunch cryptocurrency skeptic—recently announced that the bank will permit clients to buy Bitcoin, marking a significant shift in Wall Street’s approach to digital assets. Earlier in May, Coinbase Global became the first crypto company to join the S&P 500 index, underscoring the sector’s rising legitimacy.
“More investors, including major funds, are now treating Bitcoin as a long-term asset rather than just a speculative play,” said Stephen Wundke, Director of Strategy & Revenue at quantitative digital asset firm Algoz.
Bitcoin’s record-breaking rally reflects both heightened regulatory clarity and expanding institutional adoption, positioning the cryptocurrency for sustained growth.
Related Topics:
