Bitcoin soared to a new record high above $111,000 on Thursday, driven by optimism regarding progress in regulation in the U.S., 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 04:55.

On Thursday, it reached a peak of $111,834.1, significantly exceeding the previous record above $109,000.

Bitcoin has risen more than 18% since the beginning of May.