Bitcoin Surpasses USD110,000 Milestone
(MENAFN) On Thursday, Bitcoin's price broke through the USD110,000 mark for the first time ever, following the recent progress of a significant stablecoin bill in the US Senate.
According to data from Coinmarketcap, the total value of the global cryptocurrency market, including Bitcoin, reached a new high of USD2.2 trillion on Thursday.
Bitcoin, the world's largest digital currency, saw an increase of approximately 2.8 percent in the past 24 hours, hitting a new record of USD111,860.
Over the past week, its price has surged by 8 percent.
As of 0630GMT, Bitcoin was trading at USD110,840, with its trading volume for the previous 24 hours amounting to around USD91.9 billion.
The previous peak of USD109,288 was recorded in January, and the new all-time high follows a period of price stabilization.
The price increase of Bitcoin coincided with a broader rise in the value of digital assets this month, driven by favorable policy changes under President Donald Trump and a temporary improvement in trade relations between Washington and Beijing.
The progress of the GENIUS Act, which addresses stablecoin regulation, has also been seen as a major victory for the cryptocurrency sector.
It suggests a more supportive regulatory environment for digital assets.
Later this week, the US Congress is expected to vote on the bill, which, if approved, will be sent to Leader Donald Trump for final approval.
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