Bitcoin Breaks Through $110,000 as US Stock Markets Fall

Bitcoin surged to a new all-time high above $111,000 on Thursday, continuing its strong rally despite falling US stock markets.

Bitcoin price surged to a new all-time high above $111,000 on Thursday, continuing its strong rally despite falling US stock markets.

Early London trading saw the cryptocurrency peak at $111,886.41, according to Coin Metrics, before settling slightly lower to trade around $110,900.

Bitcoin’s strong momentum had been attributed to a confluence of positive factors, including growing optimism over US crypto regulations and renewed interest from institutional investors.

“The price increase may be explained by a macroeconomic environment that is causing investors to seek out alternative stores of value,” said James Butterfill, head of research at crypto asset manager CoinShares.

The recent downgrade of the US sovereign credit rating by Moody’s seemed to have further bolstered Bitcoin’s appeal as a hedge against fiat currency instability.

In the US, the GENIUS Act, a bill that would regulate stablecoins, advanced through a key Senate procedural vote on Wednesday evening, showcasing progress on the regulatory front.

Support from influential figures also helped lift the market mood.

US President Donald Trump and crypto advocate David Sacks have been promoting a pro-crypto agenda, while JPMorgan CEO Jamie Dimon—a figure usually critical of Bitcoin—announced that the bank’s clients will be able to purchase the digital currency.

Bitcoin’s divergence from the tech-heavy Nasdaq, which slid on Wednesday, highlighted the increasing view of the cryptocurrency as a safe haven amid the unfolding financial uncertainty.