Bitcoin Breaks Above $105,000 to Reach a New Local High

Bitcoin, the leading cryptocurrency by market capitalization, reached a new local high of $105,976 earlier this Sunday on the Bitstamp exchange.

Bitcoin (BTC) hit a new local high of $105,976 earlier Sunday on the Bitstamp exchange, continuing its bullish march.

The flagship cryptocurrency is currently trading at $104,619. It had dropped from highs of $105,976, having managed to move past the previous local high of $105,787 on May 12, as noted by Bitwise CEO Teddy Fusaro.

The latest Bitcoin move comes after Treasury Secretary Scott Bessent rejected the idea of reducing federal spending during his appearance on CNN.

"We're not going to reduce spending. We have a responsibility to manage the economy effectively, and that includes making sure that we're not cutting spending unnecessarily," Bessent said.

The fact that it is now abundantly clear that fiscal stimulus is back on the table has likely boosted Bitcoin.

The largest cryptocurrency is often perceived as a hedge against inflation, and Bessent's statement has hinted at the debasement of the greenback.

"This is why the US debt was downgraded. This is why 60/40 is breaking. This is why society is damaged. Own scarce assets: BTC, gold, culture, IP, data," Bitwise's Jeff Park said.

The cryptocurrency experienced a significant rally over the past few weeks after it started being touted as an inflation hedge amid tariff-induced market turbulence.

Some pundits believe that the cryptocurrency could surge much higher. As reported by U.Today, Robert Kiyosaki, the author of "Rich Dad Poor Dad," recently predicted that the leading cryptocurrency could surge to $250,000 this year.

At press time, Bitcoin is less than 5% away from reclaiming its record high, which was set in December 2017.

Earlier today, according to data provided by analytics firm Onchain Lens, a whale deposited 700 Bitcoins (roughly $72.3 million at current prices). The whale continues to hold nearly $470 million in two different wallets.