Bitcoin hit an all-time record high for the second straight day on Wednesday, driven largely by a tech-led market rally and increasing corporate adoption. The move took the digital currency to an all-time high of $112,052.24, exceeding the lencred record of $111,999 set on May 22, 2019. This rush is indicative of growing optimism among investors, who expect to see even more upturns during the second half of the year.
Bitcoin’s last 24 hour price change was up 1.9%, with Bitcoin trading at $110,947.49. Wonderful to see such meaningful gain! That’s only a 2% increase from last month, which shows signs of a consistent growth trajectory, not a meteoric spike. A perfect storm of factors helped fuel this latest upswing—everything from a booming tech stock market to more favorable regulatory regimes.
Nvidia's strong performance in the stock market played a significant role in pushing Bitcoin's price higher. On that same day, the tech-heavy Nasdaq Composite reached a record closing high. This milestone reflects the overwhelming positive optimism in the technology sector. Nvidia’s stock briefly surpassed a $4 trillion market capitalization, adding even more rocket fuel to this euphoric market.
Corporate treasuries are likely to speed up their Bitcoin accumulation, which would be further evidence that corporations are becoming more confident about Bitcoin’s long-term value. As one example of the strong institutional appetite, bitcoin purchases by public companies have already exceeded ETF inflows in the second quarter.
Regulatory developments might also be driving Bitcoin’s recent price. Congress is getting closer to passing crypto legislation, which could provide greater clarity and legitimacy to the digital asset market. This new potential regulatory framework is widely considered a very positive catalyst for deeper adoption and investment.
Investors are ignoring fears over the most recent tariff news from President Donald Trump. Rather, they are focusing their efforts on more optimistic market motivators. Open call interest in Bitcoin exceeding open puts is significant because it means that traders are overall bullish and expect upward price momentum to last.
"With crypto week on the horizon next week in DC, and a likely flood of positive momentum heading into the dog days of summer, bullish sentiment and thinner trading volumes could see prices gap up to $120,000 or higher by the end of next week." - Ryan Gorman, Uranium Digital's chief strategy officer
