May 22, 2025
Investing.com-- Bitcoin soared to a fresh record high above $111,000 on Thursday, driven by optimism over U.S. regulatory progress, particularly the advancement of the GENIUS Act aimed at establishing a national framework for stablecoins.
The world’s largest cryptocurrency jumped 3.8% to $111,588.0 as of 00:55 ET (04:55 GMT).
It reached as high as $111,834.1 on Thursday, surging significantly past the previous record of above $109,000.
Bitcoin has climbed more than 18% in May so far.
The legislation, formally titled the “Guiding and Establishing National Innovation for U.S. Stablecoins” Act, moved forward in the U.S. Senate this week.
Investors view the bill as a pivotal step toward comprehensive crypto regulation, which could provide legal clarity and encourage broader institutional participation in the digital asset space.
The bill is likely set for a Senate floor vote later this week, clearing which it will be sent to President Donald Trump’s office for approval.
The Trump administration’s establishment of a Strategic Bitcoin Reserve in March, aimed at positioning the U.S. as a leader in digital assets, has further fueled market enthusiasm.
While regulatory cheer dominated sentiment, analysts noted that steady inflows into U.S.-listed spot Bitcoin exchange-traded funds continued to underpin demand.
The bullish outlook comes amid broader signs of growing adoption. Financial giants, including Fidelity and BlackRock (NYSE: BLK ), have recently expanded their crypto offerings.
This week, JPMorgan (NYSE: JPM ) CEO Jamie Dimon, a vocal critic of cryptocurrencies, said the bank will now allow clients to purchase Bitcoin, signaling a major shift in Wall Street’s stance toward digital assets.
Earlier in May, crypto exchange Coinbase Global Inc (NASDAQ: COIN ) marked a milestone by joining the S&P 500 index, becoming the first company in the digital asset space to be included in the benchmark.
“More investors, including major funds, are now treating Bitcoin as a long-term asset rather than just a speculative play," Stephen Wundke, Director of Strategy & Revenue at quantitative digital asset investment firm Algoz, told Investing.com a day earlier.
Most altcoins also extended gains on Thursday, in line with Bitcoin’s rise.
World no.2 crypto Ethereum rose 1.3% to $2,627.06.
World no. 3 crypto XRP was largely unchanged at $2.4109.
Solana gained 3.6%, while Cardano jumped 4.5%, and Polygon climbed 6%.
Among meme tokens, Dogecoin was trading 4% higher, while $TRUMP surged 7%.
