Bitcoin soared to a new all-time high on Wednesday, surpassing its previous January peak. The cryptocurrency was last seen trading at $108,955, with CNBC reporting an intraday high of $109,857.
The surge follows a broader market rebound, with the tech-heavy Nasdaq gaining 30% since April. Analysts say Bitcoin is riding the wave of improved investor sentiment, often mirroring trends in tech stocks.
A weakening US dollar has also contributed to Bitcoin’s rally, making it more attractive in global markets. Additionally, institutional interest is driving momentum, with JPMorgan CEO Jamie Dimon acknowledging growing demand from clients. In a notable development, Coinbase is set to join the S&P 500, signaling increased mainstream adoption.
Despite facing a US Department of Justice probe after a recent data breach, Coinbase’s inclusion in the index is seen as a major milestone for the crypto industry.
As Bitcoin continues to break records, investors are keeping a close eye on regulatory developments that could shape the future of digital assets.