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Bitcoin at new record high, surpasses $110,000 for the first time
Bitcoin surged past the $110,000 mark for the first time on Thursday (22 May), hitting a new all-time high as growing investor confidence and strong institutional demand continue to drive the rally. read more
Bitcoin at new record high, surpasses $110,000 for the first time. Source: Reuters.
Bitcoin crossed the $110,000 mark for the first time on Thursday (May 22), rising as much as 2.2 per cent in early Asian trading before slightly pulling back, Bloomberg reported.
The surge comes as traders grow more confident about the cryptocurrency's future, boosted by the progress of a stablecoin bill in the US Senate that could bring more regulatory clarity.
Strong demand from Michael Saylor's firm, which holds over $50 billion in Bitcoin, along with other major buyers, is also driving the rally.
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'It has been a slow motion grind into new all-time highs,' said Joshua Lim, global co-head of markets at FalconX.
He emphasised that There's no shortage of demand for BTC from Spac and Pipe deals, which is manifesting in the premium on Coinbase spot prices.
A wave of lesser-known small-cap firms and newly formed public companies backed by crypto giants are buying Bitcoin, using tools like convertible bonds and preferred stocks to fund their purchases.
One example is Twenty One Capital, a new company backed by Tether, SoftBank, and a Cantor Fitzgerald affiliate, aiming to follow the same model as Michael Saylor's Strategy. Meanwhile, a subsidiary of Strive Enterprises, co-founded by Vivek Ramaswamy, is merging with Nasdaq-listed Asset Entities to create a Bitcoin-focused treasury firm.
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