#BTC挑战11万大关 The crypto world is buzzing! Bitcoin has taken another historic step in its price, potentially becoming a 'safe haven asset' in times of crisis...
Against the backdrop of progress in U.S. stablecoin legislation and heightened expectations for regulatory clarity during President Trump's term, Bitcoin, the world's largest cryptocurrency, surged by 2.7% on Thursday, refreshing its all-time high above $110,000. Bitcoin's previous all-time high was set when Trump took office on January 20.
Thanks to recent regulatory tailwinds, including progress on a stablecoin bill in the U.S. Senate after a group of Democrats dropped their opposition on Monday, Bitcoin and the broader crypto market have seen gains in recent weeks. This industry-supported regulatory bill is now set for debate in the Senate, with a bipartisan group hoping to pass it as soon as this week.
"This is a shift in the handling by Gary Gensler and the U.S. Securities and Exchange Commission (SEC) toward the Trump administration, which embraced our industry," said Michael Novogratz, founder and CEO of Galaxy Digital, in an interview on Wednesday. "This has liberated the 'animal spirits' of domestic and international markets."
The proposed legislation has been revised to include stricter limits on money laundering, foreign issuers, and tech companies, as well as to improve consumer protection; it will also ensure that both domestic and foreign issuers face the same rules.
Bitcoin was seen as a safe haven asset by some market participants during the financial turmoil triggered by trade tariffs introduced by the Trump administration. With the U.S. budget negotiations deadlocked, drawing attention to the rising deficit spending, this narrative has gained more traction recently.
"When a country has such huge debts, we are in a very difficult situation, and the dollar is also under pressure," Novogratz said. "This is also positive for Bitcoin and crypto assets."
Earlier this week, options traders established bullish positions on Bitcoin, with the largest number of open contracts betting that Bitcoin will rise to $110,000, $120,000, and $300,000 by the expiration date of June 27. According to Amberdata, demand for short-term call options expiring in late June with a strike price above $110,000 surged in the past 24 hours.
According to data compiled by Coinglass, despite the breakthrough in crypto assets, the forced liquidation volume of long and short positions over the past 24 hours has remained moderate, around $200 million.
The number of open contracts for Bitcoin futures held by the Chicago Mercantile Exchange (CME) has recovered by 23% from its year-to-date low in April, while investors have injected about $3.6 billion into approximately 12 Bitcoin exchange-traded funds (ETFs) in the U.S. so far in May.
Year to date, Bitcoin has risen about 14%, outperforming other risk assets like U.S. stocks, with the Nasdaq 100 index down about 2% since last December.
Factors driving this strong performance include a surge in demand from Michael Saylor's Strategy company (formerly MicroStrategy) and other companies following its Bitcoin purchasing strategy. The former software maker has accumulated Bitcoin worth over $50 billion.
Bitcoin miners, a series of lesser-known small companies, and newly listed companies established by heavyweights in the crypto industry are offering various products from convertible bonds to preferred shares, providing investors with different forms of Bitcoin exposure. An affiliate of Cantor Fitzgerald LP is working with stablecoin issuer Tether Holdings SA and SoftBank Group to launch Twenty One Capital Inc., a company mimicking the Strategy business model.
A subsidiary of Strive Enterprises Inc., co-founded by Vivek Ramaswamy, is merging with Nasdaq-listed Asset Entities Inc. to form a Bitcoin treasury company.
This record surge comes as Trump is preparing to host a dinner at his golf club in the suburbs of Washington, meeting with the largest holders of his meme coin. This event has raised concerns among ethics experts, who believe it provides some individuals with direct access to the president and has sparked criticism over potential conflicts of interest.