Bitcoin Hits New Record High, Surging to $109.4K

Bitcoin

BTC$106,546.31

clinched a fresh record price of $109,400, surpassing the peak in January around Donald Trump’s inauguration.

According to the CoinDesk Bitcoin Index, the largest and oldest cryptocurrency hit $109,486 on Wednesday during the early U.S. session. BTC surged more than 46% from its April trough induced by mounting freas over global trade war and U.S. tariffs.

The new all-time high came as spot bitcoin exchange traded funds (ETF) gobbled up $3.6 billion in net inflows in May, a sign of rejuvenated investor interest. A slew of bitcoin-focused treasury companies, including Michael Saylor’s Strategy and newly-launched firm Twenty One Capital added to the buying spree, helping lift BTC to a new record.

Positive regulatory shifts in the U.S. have further supported the market, lending legitimacy of digital assets as an asset class for investors. The U.S. Senate this week advanced a bill to regulate stablecoins while several states and sovereign nations are moving forward with legislation to create bitcoin reserves.

Analysts suggested that the current rally is more sustainable than previous ones, citing favorable financial conditions, stablecoin flows and lack of speculative fervor observed in earlier peaks, showing signs of a stronger foundation.

Read more: These Six Charts Explain Why Bitcoin’s Recent Move to Over $100K May Be More Durable Than January’s Run