Bitcoin hit a new all-time high on Thursday, with its price surpassing $111,000 for the first time amid a weakening US dollar.
Traders are increasingly optimistic about the prospects for cryptocurrency due to growing institutional demand.
The US Senate voted by a majority to support a revised version of the GENIUS Act. This document provides for federal regulation of stablecoins, which are crypto assets pegged to traditional currencies. It will now be sent for further discussion. The authors of the bill hope that it could be passed as early as this week.
This will provide greater regulatory clarity for companies dealing with digital assets, experts say.
Weak results from the US government bond auction, as well as fears of an increase in the country’s budget deficit, pushed the dollar to a two-week low against the yen. These same reasons caused the US stock market to decline the day before. As a result, investors began to look for alternative investments, turning to cryptocurrencies and gold.
Bitcoin is currently trading at $110,540, which is 1.7% higher than at the close of the previous session. Earlier, the rate reached a record high of $111,878.
