Bitcoin has reached a record high amid optimism about cryptocurrency regulation in the United States. Bloomberg reports.
The cryptocurrency rose by 2.6% to a record high of $109,730, surpassing the previous high set around the time of Trump’s inauguration on January 20. Other cryptocurrencies, such as Ether and XRP, also rose in value.
Bitcoin and the broader crypto market have experienced rapid growth in recent weeks thanks to positive signals from regulators. In particular, the bill on stablecoins has passed the stage of promotion in the Senate and is now being prepared for discussion in the Senate. The bipartisan group hopes to pass it this week.
The proposed bill’s terms have been adjusted to include stricter restrictions on money laundering, foreign issuers, technology companies, and stronger consumer protection. The law should also guarantee the same rules for domestic and foreign issuers.
Since the beginning of the year, bitcoin has risen by about 17%, outperforming other risky assets such as US stocks.