Today, Bitcoin reached a record high of over $118,000 as a surge of investment flowed into spot bitcoin ETFs. The cryptocurrency has now gained around 26% for the year and is 41% higher since falling below $100,000 in June.
Crypto exchange Coinbase Global and bitcoin treasury firm Strategy both increased by about 5%.
Experts attribute the rising interest in cryptocurrency to the weak U.S. dollar, market uncertainties, and the current digital-friendly stance of the Trump Administration.
Bitcoin’s value increase has happened just before ‘Crypto Week’ in Washington, where officials will debate the Genius Act, the Clarity Act, and the Anti-CBDC Surveillance State Act.
The U.S. Senate has already given its approval to the GENIUS Act. This bill is designed to establish safeguards and protections for stablecoins, which are cryptocurrencies typically pegged to the U.S. dollar. The acronym GENIUS stands for “Guiding and Establishing National Innovation for U.S. Stablecoins.”
Today, crypto miners Riot Platforms, Hut 8, and Mara Holdings also increased between 3.3% and 3.7%.
By CEO NA Editorial Staff
