Bitcoin Surges to All-Time High After Stablecoin Bill Momentum

2025-05-22 04:38:02

(MENAFN) Bitcoin’s value surged past $110,000 on Thursday for the first time ever, following progress on a major stablecoin-related bill in the U.S. Senate.

According to Coinmarketcap data, the total worth of the global cryptocurrency market, which includes Bitcoin, climbed to $2.2 trillion on Thursday.

Over the past 24 hours, Bitcoin—the most prominent cryptocurrency—has gained approximately 2.8%, reaching a new all-time high of $111,860. On a weekly scale, it has jumped by 8%.

As of 0630 GMT, Bitcoin was trading at $110,840, with its 24-hour trading volume hovering around $91.9 billion.

The previous peak of $109,288 was recorded in January. This latest record arrives after a period of price consolidation.

The rise in Bitcoin's value mirrors a broader uptick in digital assets observed this month. The rally has been attributed to favorable policy signals under President Donald Trump and a temporary easing in trade tensions between the U.S. and China.

The GENIUS Act—a proposed law on stablecoins—has been widely viewed as a major boost for the crypto industry, pointing to a potentially more supportive regulatory environment.

Congress is slated to vote on the bill later this week. If approved, it will head to President Donald Trump's desk for final consideration.

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