NEW YORK: Bitcoin surged past the US$111,000 mark for the first time on Thursday, as investor confidence soared on the back of growing institutional demand and favourable regulatory signals from the administration of US President Donald Trump.
According to Bloomberg, the world’s largest cryptocurrency climbed as much as 3.3% during early trading hours to reach a record high of US$111,878 before settling just under US$111,000 by 6:15 a.m. in New York.
Other major cryptocurrencies also posted gains, with second-ranked Ether briefly up 7.3%.
This historic rally follows the advancement of a key stablecoin bill in the US Senate, which has reignited hopes for a more structured and supportive regulatory framework for digital assets.
The legislation, known as the GENIUS Act, is expected to be voted on in Congress later this week before heading to the White House for final approval.
A growing number of institutional players are driving the bullish sentiment. Former software company MicroStrategy, now operating under the name Strategy, has stockpiled more than US$50 billion in Bitcoin, acting as a major catalyst for investor interest.
Bloomberg also reported that entities such as special purpose acquisition companies (SPACs) and new ventures like Twenty One Capital Inc.—a partnership involving Cantor Fitzgerald, Tether Holdings, and SoftBank—are pushing further into the Bitcoin treasury model.
“This rally is not momentum-driven alone,” said Julia Zhou, Chief Operating Officer at Caladan, a crypto market maker. “It is quantitatively underpinned by measurable, persistent demand and supply dislocations.”
Joshua Lim, Global Co-Head of Markets at FalconX Ltd, told Bloomberg that continued institutional buying, particularly by SPACs, has added upward pressure on prices. “It has been a slow-motion grind into new all-time highs,” Lim said.
As of 0630 GMT, Bitcoin was trading at US$110,840, with a 24-hour transaction volume of approximately US$91.9 billion, according to CoinMarketCap.
The overall global cryptocurrency market capitalisation reached US$2.2 trillion on Thursday.
The record price follows the previous all-time high of US$109,288 in January and reflects a broader resurgence in the crypto market.
Altcoins, however, continue to lag behind. An index tracking alternative cryptocurrencies is down roughly 40% year-to-date, while Bitcoin has gained 18% in 2025 alone.
The recent surge also aligns with improving sentiment around US-China trade relations and President Trump’s openly pro-crypto stance, including his administration’s backing of the GENIUS Act, which could bring clarity to stablecoin regulation.
