Bitcoin surged to an all-time high of $109,499.80 on Wednesday, fuelled by growing optimism over pro-cryptocurrency legislation in the United States and strong backing from the Trump administration.
The world’s largest cryptocurrency broke its previous record set on January 20—the day Donald Trump was sworn in as US president—marking a new milestone in a year of bullish sentiment.
The rally comes as markets anticipate the successful passage of industry-supported crypto legislation through Congress. Investor confidence has grown amid a clear shift in regulatory tone from the Trump White House compared to the more cautious approach under former SEC chairman Gary Gensler.
Michael Novogratz, founder of Galaxy Digital, told Bloomberg TV: “It’s the shift of approach from Gary Gensler and the SEC to this Trump administration, which has embraced our industry. That freed up the animal spirits both here and abroad.”
Trump, a vocal supporter of digital assets, has welcomed Bitcoin’s rise—celebrating its first breach of the $100,000 mark in December with a post on Truth Social: “Congratulations Bitcoiners … You’re welcome!!!”
In a further sign of policy alignment with the crypto sector, Trump said in March that Bitcoin would be included in a new US strategic reserve of digital currencies.
