The price of Bitcoin, the leader in virtual currency, neared $120,000 at one point, breaking its all-time high once again. Analysts say that concerns over the widening fiscal deficit in the United States and expectations for the incorporation of virtual assets into the regulatory system are driving investment back into the market.
As of 8 a.m. on the 23rd, according to the virtual asset data site CoinMarketCap, Bitcoin is trading at $111,053, up 2.07% from 24 hours earlier. It surpassed the $109,300 mark recorded in January, reaching a new all-time high. Considering it dropped to around $74,000 in April, it has risen by about 50% in a month and a half.
Bitcoin once rose to around $119,900, flirting with the $120,000 mark.
As Bitcoin continues its upward trend, prices of other virtual assets are also rising. Ethereum is trading at $2,636, up 3.89%, while Solana is up 3.69% at $178.16. Ripple has recorded $2.41, up 0.79%.
There are also analyses suggesting that the passing of the 'GENIUS Act,' which includes regulations on stablecoins, indicates that Bitcoin still has potential for price increases. Stablecoins are cryptocurrencies that link their value to specific assets such as the U.S. dollar to minimize price volatility. The GENIUS Act strengthens the issuance requirements and collateral standards for stablecoins and imposes anti-money laundering obligations, among other regulatory measures. The bill is interpreted in the market as an acknowledgment of virtual assets as financial instruments within the regulatory framework and is seen as positive news.