Bitcoin reached its highest value ever when it surpassed $118,000 on Thursday and reached $119,000 briefly on Friday before stabilizing at $118,780. The cryptocurrency market experienced a significant surge because of US President Donald Trump’s letters to more than 20 countries which triggered global stock market declines. The cryptocurrency market experienced its first two-month decline before Bitcoin reached its new high and Ether surpassed $3000 for the first time since February.
The Bitcoin milestone occurs before Congress starts debating three essential crypto regulation bills during ‘Crypto Week’. The GENIUS Act which Trump supports enables private companies to create stablecoins. The Digital Asset Market Clarity Act works to create crypto regulations yet the CBDC Anti-Surveillance State Act functions to stop central bank digital currency implementation.
The new legislative focus indicates a more positive US crypto environment which leads to capital returning to the market. The developments show positive signs according to Bitfinex’s Jag Kooner who explained that stalled legislation still creates better market sentiment.
The rising optimism among option traders has led them to predict Bitcoin will hit $150,000 in the near future.
