FX.co ★ Bitcoin Rises to Fresh Record

Bitcoin reached an unprecedented high, surpassing $109,500, as it continued its upward trend since mid-April. This surge was bolstered by progressing U.S. legislation aimed at regulating stablecoins, enhancing the future prospects for cryptocurrencies. Congressional Democrats have retracted their opposition to the bill, which seeks to establish regulations for stablecoins, setting the stage for its potential passage by the week's end. This development has fortified expectations that the regulation of cryptocurrencies linked to the US dollar could accelerate wider adoption of this asset class. Despite prevailing economic uncertainty, which typically affects riskier assets, Bitcoin has gained momentum this year. It appears to have attracted investors moving away from dollar-denominated investments amidst erratic U.S. economic policies. Furthermore, the most actively traded cryptocurrency has received support through ongoing purchases by Bitcoin-holding entities, such as Michael Saylor's Strategy.