The price of Bitcoin rose to a new record level, reaching $110,707.65 on Binance, an increase of 2.71% from the previous day. This rise comes as a result of optimism regarding the approval of legislation related to cryptocurrencies in the United States, which has bolstered hopes for a clear legislative framework for these currencies under President Donald Trump's administration.
*Factors Contributing to the Rise in Bitcoin Price:*
- *Regulatory Developments*: The proposed cryptocurrency bill in the U.S. Senate aims to provide clarity on the legislative framework for digital currencies.
- *Demand for Currency*: Increased interest in cryptocurrencies, especially after the launch of the first Bitcoin ETF on the New York Stock Exchange.
- *Production Cost*: The cost of producing Bitcoin through mining, which includes fixed costs for infrastructure and electricity.
- *Competing Currencies*: Although Bitcoin is the most valuable and well-known currency, there is competition from other digital currencies such as Ethereum and Cardano.
*Bitcoin's Recent Performance:*
- Increase of 2.71%: On May 21, 2025, the price of Bitcoin rose by 2.71% from the previous day.
- *New Record Level*: The price of Bitcoin reached a new record level, surpassing $110,000.
