Bitcoin Hits Record High Above $109,000 Amid Improving Market Sentiment
Bitcoin surged to an all-time high of $109,760.08 on Wednesday, surpassing its previous peak from January, as investor risk appetite improves following last month’s tariff-related selloff. The world’s largest cryptocurrency was last trading up 1.1% at around $108,117.
The rally was supported by easing U.S.-China trade tensions and Moody’s recent downgrade of U.S. sovereign debt, prompting investors to diversify away from the dollar. Bitcoin’s gains also benefit from a weakening U.S. dollar and growing institutional interest.
Antoni Trenchev, co-founder of digital asset platform Nexo, highlighted that Bitcoin has entered “blue sky territory” with strong institutional momentum and favorable U.S. regulatory conditions. He noted that the cryptocurrency is still in year four of its price cycle after the latest halving event, projecting a potential target of $150,000 by 2025.
The crypto market also welcomed JPMorgan CEO Jamie Dimon’s recent announcement that the bank will allow clients to buy Bitcoin, and Coinbase’s addition to the S&P 500 index further boosts mainstream acceptance—despite a current DOJ probe into a data breach at Coinbase.
Interestingly, Ether, the second-largest cryptocurrency, did not mirror Bitcoin’s surge and traded slightly down at $2,513.
