FX.co ★ Bitcoin Surges to Fresh Record

Bitcoin has surged to an unprecedented $110,800, following significant momentum bolstered by the US government’s deregulation efforts concerning cryptocurrencies. This surge was further propelled when Democrats in Congress withdrew their objections to a proposed bill intended to regulate stablecoins, which could be enacted by the week's end. This development has heightened expectations that such regulation could enhance the adoption of cryptocurrencies pegged to the US dollar. Despite ongoing economic uncertainties, which typically exert pressure on riskier assets, Bitcoin has experienced a rally this year. This trend seems to have been driven by investors shifting away from dollar-linked assets amid volatile economic policies in the United States. Additionally, Bitcoin’s ascent has been supported by continuous purchasing activity from institutional cryptocurrency funds, notably spearheaded by Michael Saylor's Strategy, which emphasizes a strategic focus on Bitcoin.