Bitcoin hits new high, briefly tops $109,000 amid trade war, U.S. credit downgrade
The Bitcoin cryptocurrency set a record high of more than $109,000 during Wednesday morning trading while continuing its climb in value in May. File Photo by John Angelillo/UPI | License Photo
May 21 (UPI) -- Bitcoin initially rose to $109,857 in value during trading Wednesday morning as trade war tensions eased between the United States and China and a recent U.S. credit downgrade.
"Bitcoin's new high has been concocted by an array of favorable ingredients in the macro cauldron," Nexo crypto exchange co-founder Antoni Trenchev told CNBC.
"Softer U.S. inflation numbers, a de-escalation in the U.S.-China trade war and the Moody's downgrade of U.S. sovereign debt ... has put the spotlight on alternative stores of value like Bitcoin," Trenchev said.
Bitcoin eased in value during afternoon trading at $106,678.74 after reaching its new all-time high during morning trading.
The record price represented a 3% increase in Bitcoin's value during morning trading, but much of that increase receded by about an equal amount by the end of trading.
Bitcoin has recorded a 26% rise in value over the past 30 days and reached its current record value nine days after the Trump administration on May 12 announced a 90-day trade agreement with China on May 12, according to Cointelegraph.
Bitcoin was trading for $74,434 on April 7 and just five days after President Donald Trump announced his reciprocal tariffs trade policy on April 2.
Recent trade war de-escalation, improved regulatory oversight and the possibility of cease-fire talks between Russia and Ukraine have helped Bitcoin to being its 26% climb in value so far in May, said Jag Kooner, derivatives leader at Bitfinex exchange.
"The Russia-Ukraine cease-fire talks have defused one of the primary geopolitical volatility engines of the past two years," Kooner told Cointelegraph.
"We're seeing capital rotate into [Bitcoin] and high-beta tech as the need for geopolitical hedging fades, but liquidity remains abundant," Kooner said.
While Bitcoin achieved an all-time high early Wednesday, Dogecoin posted a larger percentage gain during the day's trading.
Dogecoin rose 6% in value over the past 24 hours, but that value is just 23 cents for the meme coin, according to decrypt.
The increased interest and investment in cryptocurrency follow GOP lawmakers' recent introduction of legislation to create a national strategic Bitcoin reserve to improve the nation's finances.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Upturn
39 minutes ago
- Business Upturn
Mining wealth with AI and clean energy in 2025: RIMining helps you easily start daily crypto income
Los Angeles, California, June 06, 2025 (GLOBE NEWSWIRE) — As clean energy and artificial intelligence reshape global industries, RIMining has ignited a green revolution in crypto mining. From photovoltaic fields bathed in sunlight to remote wind farms with howling winds, renewable energy is driving a new era of smart cloud mining – no noise, no complex equipment, no high electricity bills. RIMining also uses AI scheduling to feed surplus electricity back to the grid, cut costs, practice sustainable development, and redefine the future of energy. Whether you are a novice or an experienced investor, RIMining provides you with a low-threshold, AI-driven way to easily participate in crypto mining, obtain mainstream assets such as Bitcoin and Ethereum, without hardware investment, and enjoy the pleasure of passive income. What is RIMining Founded in 2014 and headquartered in the UK, RIMining is the world's leading cryptocurrency cloud mining platform. It has covered more than 190 countries around the world, with more than 18 million users, 80+ data centers, and more than 16,000,000+ mining machines in operation. The platform has passed the official certification of the UK FCA and has become one of the most trustworthy and influential cloud mining platforms in the world, providing efficient, safe, and low-threshold cryptocurrency mining services to global investors. Why choose RIMining? New member bonus: Register now to get $15 and get extra gifts, sign in every day to get $0.6 High transparency of earnings: Daily earnings data is clearly visible, and the platform provides detailed earnings reports and historical records, allowing users to clearly understand the flow of funds. User-friendly interface: The platform is designed to be intuitive and simple, so even first-time cryptocurrency users can quickly get started and easily manage mining and earnings. Flexible choice of deposit and withdrawal currencies: XRP, BTC, ETH, SOL, USDC, DOGE, LTC, USDT-TRC20, USDT-ERC20, etc. Community support and trust: RIMining has an active user community and a good reputation, which enhances user confidence and allows them to share mining experience. Continuous technology upgrades: The platform continuously optimizes AI algorithms and mining technologies to ensure that users always enjoy industry-leading revenue efficiency. Just operate it easily, RIMining AI will help you earn crypto income every day: Choosing RIMining cloud mining is equivalent to choosing professionalism and stability. The platform is equipped with an intelligent analysis team to monitor the computing power performance in real time and automatically upgrade the mining machine configuration to ensure that users always enjoy efficient computing power and stable income, and comprehensively improve investment security. The following chart illustrates the potential income you can achieve. Join RIMining to start your wealth journey. It takes less than a minute to complete: one-click registration of RIMining account Advanced security measures RIMining uses top security protocols to protect user investments and personal information. EV SSL encryption technology ensures data transmission security and effectively resists network threats; dedicated servers resist DDoS attacks, ensuring uninterrupted service and protecting user assets. Summarize RIMining is reshaping cloud mining with clean energy and AI technology, allowing everyone to easily and safely obtain cryptocurrency income. Join RIMining now and take the first step towards your passive income in a smart and green way. For more information, please visit For business cooperation: [email protected] Disclaimer: The information provided in this press release does not constitute an investment solicitation, nor does it constitute investment advice, financial advice, or a trading recommendation. Cryptocurrency mining and staking involve risks and may result in loss of funds. It is strongly recommended that you perform due diligence, including consulting a professional financial advisor, before investing or trading in cryptocurrencies and securities. Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same.
Yahoo
an hour ago
- Yahoo
Stocks rally as Trump-Musk feud cools down
Stocks rally as Trump-Musk feud cools down originally appeared on TheStreet. Crypto stocks bounced back on June 7 as both President Donald Trump and Tesla (Nasdaq: TSLA) boss Elon Musk retreated from their big, ugly feud from the previous day. Strategy (Nasdaq: MSTR), which had dipped around 6% yesterday, was trading at $375.01 at press time, up 1.69% a day. Helmed by Michael Saylor, the company is the largest public Bitcoin treasury company. The largest U.S. crypto exchange Coinbase (Nasdaq: COIN) had slipped as much as 10% the day before. The stock, which made it to the much-coveted spot on the S&P 500 in May, was trading at $254.31, up 4% a day. The crypto and stock trading exchange Robinhood (Nasdaq: HOOD) dipped around 8% on the day of the feud. It was trading at $76.24, up 5% a day. The story of Bitcoin miners was no different as the two men engaged in a heated public exchange over social media and press briefings on June 6. MARA Holdings (MARA) fell as much as 7% yesterday but was trading at $15.93, up 7.02% a day. Hut 8 Group (HUT) had similarly slipped by 7% the day before but rallied an impressive 14.83% to trade at $18.74. HIVE Digital (Nasdaq: HIVE) had slid around 9% yesterday and made the same recovery of 9% today to trade at $2.0042. Bitdeer (Nasdaq: BTDR) had also slipped 9% and successfully recovered by 11% to trade at $14.07 today. Notably, the stablecoin issuer Circle Internet Group (NYSE: CRCL) made an impressive debut on the day of the feud. CRCL was trading at $116.07 at press time, up 40% a day. Musk, who quit the Department of Government Efficiency (DOGE) by the end of May, has been criticizing Trump's "big, beautiful bill" since then. The disagreement escalated into an ugly public exchange the previous day that shook the markets. Stocks rally as Trump-Musk feud cools down first appeared on TheStreet on Jun 6, 2025 This story was originally reported by TheStreet on Jun 6, 2025, where it first appeared. Sign in to access your portfolio
Yahoo
an hour ago
- Yahoo
Institutional crypto adoption is surging, says OKX US CEO in new report
Institutional crypto adoption is surging, says OKX US CEO in new report originally appeared on TheStreet. Institutional adoption of crypto is accelerating rapidly, and blockchain is becoming more than just a finance tool — it's transforming global industries. That's the key takeaway from a new report by OKX and Blockworks Research, discussed by OKX US CEO Roshan Robert in a recent interview with TheStreet Roundtable host Scott Melker. 'These are research findings that are based on interviews with industry experts, analysis from both OKX and Blockworks,' said Roshan. 'There's a whole lot of desktop research that has gone into this report, as well as industry surveys and studies. The respondents represent companies like Stanchard and Polygon and Google.' One of the report's headline figures is that 'around 59 to 60% of asset managers plan to launch crypto funds by 2026,' with more than 40% of institutional investors already participating in crypto mutual funds or ETPs. Roshan added that 'two-thirds of finance leaders are building capabilities for tokenized products,' marking a significant shift toward blockchain-based financial infrastructure. Beyond finance, the report highlights real-world blockchain adoption across several industries. 'Of course, you have sports and entertainment… there are teams and creators using blockchain to offer digital collectibles, fan tokens, exclusive experiences,' Roshan said. 'Consumer and luxury brands are trying to use blockchain for supply chain transparency [and] combating counterfeiting.' Scott Melker called the institutional numbers 'astounding,' noting the rise of Bitcoin in corporate treasuries. He asked Roshan how OKX is tailoring its U.S. platform for both retail and institutional users. 'We have to make the platform compatible to both institutions as well as the retail industry,' said Roshan. 'Institutional clients want institutional-grade compliance, and we've invested a lot in compliance, risk management, client money controls, and cybersecurity.' He emphasized that OKX, known for its engineering roots and deep blockchain integration, now has a compliance team 'nearly 500 people strong' and applies 'proper sales practices' to appeal to both traditional finance and crypto-native clients. 'There's a flavor of TradFi that is actually coming into the organization, which is good,' Roshan concluded. Institutional crypto adoption is surging, says OKX US CEO in new report first appeared on TheStreet on Jun 6, 2025 This story was originally reported by TheStreet on Jun 6, 2025, where it first appeared. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
