Bitcoin Surges to Record High Above $110,000 on US Bond Yield Rise, Equity Market Volatility, Weak Dollar

Bitcoin has surged to a record high above $110000 (151 million won), propelled by financial market and macroeconomic uncertainties in the U.S., the dollar's weakness and crypto-friendly legislative moves

Bitcoin prices surged to a record high above $110,000 on Thursday, supported by financial market and macroeconomic uncertainties in the U.S., the dollar's weakness and crypto-friendly legislative moves.

The recent spike also led to an inflow of $667 million into global spot Bitcoin exchange-traded funds (ETFs) on Monday, the highest daily figure this month.

The optimism is further driven by the U.S. Senate passing the Stablecoin Act, setting forth regulations including issuance and collateral requirements, and anti-money laundering protocols.

The House of Representatives had previously passed its own version of the legislation earlier in the year.

The Senate's vote now sends the bill to President Donald Trump's desk to be signed into law.

The legislation would create a uniform federal framework for stablecoins, used to maintain a stable value, typically against a fiat currency.

The bill would grant the Federal Trade Commission the authority to oversee the issuance of stablecoins and impose penalties on those who violate the law.

It would also require issuers to maintain sufficient reserves to cover any redemptions and to segregate customer assets.

The Stablecoin Act would also create a new task force to study the broader implications of cryptocurrencies for the financial system.

The move comes as part of a broader effort by Congress to regulate the cryptocurrency industry.

Earlier this year, the House of Representatives passed a bill that would create a new regulatory framework for digital assets.

The bill, which is still pending in the Senate, would grant the Securities and Exchange Commission the authority to register and deregister crypto securities.

It would also create a new federal agency to oversee decentralized finance protocols.

The cryptocurrency industry has seen rapid growth in recent years, but it is largely unregulated at the federal level.

This lack of regulation has led to concerns about consumer protection, market manipulation and money laundering.

The Stablecoin Act is a step toward addressing these concerns and providing greater clarity for the industry.

"This legislation is a bipartisan victory for consumers, investors and the U.S. financial system," said Senate Banking Committee Chairman Mike Crapo, R-Idaho.

"Stablecoins have the potential to provide new and innovative products and services, but it's crucial that they operate within a strong legal and regulatory framework."

The move comes amid a broader push by lawmakers to provide legal certainty for the cryptocurrency industry.

Earlier this year, a bipartisan group of senators introduced a bill that would create a new regulatory framework for digital assets.

The bill, which is still pending in the Senate, would grant the Securities and Exchange Commission the authority to register and deregister crypto securities.

It would also create a new federal agency to oversee decentralized finance protocols.

The cryptocurrency industry has seen rapid growth in recent years, but it is largely unregulated at the federal level.

This lack of regulation has led to concerns about consumer protection, market manipulation and money laundering.

The Stablecoin Act is a step toward addressing these concerns and providing greater clarity for the industry.

"This legislation is a bipartisan victory for consumers, investors and the U.S. financial system," said Senate Banking Committee Chairman Mike Crapo, R-Idaho.

"Stablecoins have the potential to provide new and innovative products and services, but it's crucial that they operate within a strong legal and regulatory framework."

The optimism is also indicated by the recent inflow into global spot Bitcoin ETFs.

According to data from Bitwise Asset Management, there was an inflow of $667 million into the ETFs on Monday, the highest daily figure this month.

The inflows come amid volatility in the U.S. equity market and a weak dollar, factors that often influence digital coin price trends.

Recently, the U.S. Treasury bill yields surged, pushing the U.S. equity market to decline sharply.

On Wednesday, the 30-year U.S. Treasury bond yields surged to levels close to 5.1 percent, reaching an 18-month high. Shorter-duration 10-year Treasury bond yields also soared to 4.6 percent.

The rises led to a sell-off in U.S. equities.

The S&P 500 and Dow Jones Industrial Average slid 1.6 percent and 1.9 percent, respectively. The Nasdaq Composite also declined 1.4 percent.

Many remained concerned over the Trump administration’s tax cut proposals sending the country’s debt soaring, amid trade and tariff uncertainties.

Also at play was a recent U.S. credit rating downgrade by Moody's, and longer-than-expected high interest rates due to sticky inflation.

According to financial market data, Bitcoin reached an all-time high of $111,691, as of 4 a.m. Thursday, surpassing the $110,000 mark for the first time. The digital coin has gained over 25 percent in