Bitcoin hit an all-time high after the advancement of stablecoin legislation in the US stoked hopes of regulatory clarity under President Donald Trump.
The largest cryptocurrency climbed as much as 2.6% to a record $109,730, breaching a previous high set at roughly the time of Trump's inauguration on January 20. Smaller tokens such as Ether and XRP also advanced.
Bitcoin and the broader crypto market have rallied in recent weeks thanks to regulatory tailwinds including the stablecoin bill advancing in the US Senate after a group of Democrats dropped their opposition Monday. The industry-backed regulatory bill is now set for debate on the Senate floor with a bipartisan group hoping to pass it as soon as this week.
"It's the shift of approach from Gary Gensler and the SEC to this Trump administration, which has embraced our industry," Michael Novogratz, founder and chief executive officer of Galaxy Digital, said during a Bloomberg TV interview on Wednesday. "That freed up the animal spirits both here and abroad."
The terms of the proposed legislation were revised to include tighter restrictions on money laundering, foreign issuers, technology companies and improved consumer protections. It would also ensure domestic and foreign issuers both face the same rules.
Bitcoin was christened as a haven by some market participants during the financial markets turmoil spurred by the introduction of Trump's trade tariffs. That narrative has gained traction as of late as fractious US budget negotiations keeps a focus on the growth in deficit spending.
The largest cryptocurrency climbed as much as 2.6% to a record $109,730, breaching a previous high set at roughly the time of Trump's inauguration on January 20. Smaller tokens such as Ether and XRP also advanced.
Bitcoin and the broader crypto market have rallied in recent weeks thanks to regulatory tailwinds including the stablecoin bill advancing in the US Senate after a group of Democrats dropped their opposition Monday. The industry-backed regulatory bill is now set for debate on the Senate floor with a bipartisan group hoping to pass it as soon as this week.
"It's the shift of approach from Gary Gensler and the SEC to this Trump administration, which has embraced our industry," Michael Novogratz, founder and chief executive officer of Galaxy Digital, said during a Bloomberg TV interview on Wednesday. "That freed up the animal spirits both here and abroad."
The terms of the proposed legislation were revised to include tighter restrictions on money laundering, foreign issuers, technology companies and improved consumer protections. It would also ensure domestic and foreign issuers both face the same rules.
Bitcoin was christened as a haven by some market participants during the financial markets turmoil spurred by the introduction of Trump's trade tariffs. That narrative has gained traction as of late as fractious US budget negotiations keeps a focus on the growth in deficit spending.
