Bitcoin Rallies to Record High Value of $110,000

Bitcoin reached a new milestone on Thursday, surging past $110,000 per coin for the first time as traders grew increasingly bullish on the prospects of the world’s largest cryptocurrency.

Bloomberg reports that Bitcoin surpassed the $110,000 mark in early Asian trading on Thursday. The digital asset is currently trading just under $111,000 as of this writing, a 2.95 percent increase in the last 24 hours. This new all-time high comes amidst a wave of optimism surrounding the advancement of a key stablecoin bill in the U.S. Senate, which has fueled hopes of greater regulatory clarity for crypto operators.

The rally in Bitcoin can also be attributed to the surging demand from institutional investors, particularly Michael Saylor’s MicroStrategy, which has accumulated over $50 billion worth of the cryptocurrency. Additionally, a growing list of digital-asset hoarders, including obscure small-cap companies and newly formed public firms by crypto heavyweights, are financing their Bitcoin purchases through various means such as convertible bonds and preferred stocks.

Joshua Lim, global co-head of markets at FalconX Ltd., commented on the recent price action, stating, “It has been a slow motion grind into new all-time highs. There’s no shortage of demand for BTC from SPAC and PIPE deals, which is manifesting in the premium on Coinbase spot prices.”

The bullish sentiment is also reflected in the options markets, where traders have built significant positions in Bitcoin calls expiring on June 27, with strike prices of $110,000, $120,000, and even $300,000 logging the most open interest on the Deribit derivatives exchange.

Market analyst Tony Sycamore from IG noted that the fresh record high demonstrates that Bitcoin’s steep decline from its previous peak in January to below $75,000 in April was merely a correction within a bull market. He added, “A sustained break above $110,000 is needed to trigger the next leg higher towards $125,000.”