On Wednesday, Bitcoin smashed through its previous all-time high, climbing 2.1% to hit $109,481.83, eclipsing its January peak. The cryptocurrency’s latest surge is fueled by renewed investor enthusiasm, shaking off last month’s tariff-induced market dip, market analysts report.
Bitcoin’s upward trajectory has moved in lockstep with a robust recovery in tech-heavy indexes like the Nasdaq, which has surged 30% since April. A softening US dollar has further bolstered Bitcoin’s allure as a hedge against traditional financial assets, drawing in both retail and institutional investors.
The crypto market is also riding a wave of mainstream acceptance. Major financial players are warming to digital assets, with even JPMorgan’s CEO, Jamie Dimon—a former crypto critic—now noting that the bank’s clients can engage with Bitcoin. The recent addition of Coinbase, a leading crypto exchange, to the S&P 500 has further cemented the industry’s growing legitimacy.
Despite the optimism, challenges loom. Coinbase disclosed this week that the US Department of Justice is probing a recent data breach at the company, casting a shadow over the sector’s bullish momentum. Still, Bitcoin’s latest milestone underscores its resilience and growing appeal in a shifting financial landscape.
