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Bitcoin continued its rally on Thursday, hitting a brand new record high above $111,000. Bitcoin is now trading at $111,077, with a narrowed 3.81% increase in 24 hours.
President Donald Trump’s top crypto and AI advisor David Sacks said Wednesday that the administration expects the stablecoin legislation moving through the Senate to pass with “significant bipartisan support,” and claimed it could unlock demand for U.S. Treasuries.
“We already have over $200 billion in stablecoins — it’s just unregulated,” Sacks told CNBC’s “Closing Bell Overtime.” “If we provide the legal clarity and legal framework for this, I think we could create trillions of dollars of demand for our Treasuries practically overnight, very quickly.”
The GENIUS Act — a bill to regulate stablecoins — cleared a key procedural vote in the Senate. With 15 Democrats voting for the bill to pass the cloture threshold this week, the proponents have the votes necessary to avoid a filibuster.
“We have every expectation now that it’s going to pass,” added Sacks, though he didn’t answer a question about concerns from Democrats that there aren’t sufficient safeguards in place to keep the president and his family from profiting from legislation.
Bitcoin briefly hit an all-time high after the advancement of stablecoin legislation in the US stoked hopes of regulatory clarity under President Donald Trump.
The largest cryptocurrency climbed as much as 3.8% to a record $111,077, before paring much of the gain while broader financial markets retreated. The previous high was set at roughly the time of Trump’s inauguration on Jan. 20. Smaller tokens such as Ether and XRP also gave back modest increases.
Bitcoin and the broader crypto market have rallied in recent weeks thanks to regulatory tailwinds including the stablecoin bill advancing in the US Senate after a group of Democrats dropped their opposition Monday. The industry-backed regulatory bill is now set for debate on the Senate floor with a bipartisan group hoping to pass it as soon as this week.
“It’s the shift of approach from Gary Gensler and the SEC to this Trump administration, which has embraced our industry,” Michael Novogratz, founder and chief executive officer of Galaxy Digital, said during a Bloomberg TV interview on Wednesday. “That freed up the animal spirits both here and abroad.”
According to Odaily, recent market data indicates that the total cryptocurrency market capitalization has surpassed $3.43 trillion. The all-time high was recorded on December 16, 2024, at $3.73 trillion. The current market cap needs an 8% increase to reach this historical peak.
PANews reported on May 22 that as of May 18, 2025, Strategy holds 576,230 bitcoins, with an average purchase price of about $69,726 per bitcoin, with a total cost of about $40.18 billion. Based on the highest unit price of $110,800 this morning, the total value of Strategy's bitcoin holdings has appreciated to $63.8 billion, minus the cost of about $40.18 billion, with a floating profit of about $23.6 billion.
El Salvador's national Bitcoin holdings have reached a total value of $678 million, with unrealized gains amounting to approximately $386 million, reflecting a 132.35% increase. Since the initial investment, the country has invested around $292 million. President Nayib Bukele addressed critics by stating, 'They say not to take screenshots, but to take profits.'
Nasdaq has submitted a proposal to the U.S. Securities and Exchange Commission (SEC) to amend its rules, allowing the iShares Ethereum Trust to support physical transactions of Ethereum. The proposal includes the addition of Anchorage Digital as a custodian institution.
The proposed change aims to enhance the efficiency of the ETF's operations by enabling authorized participants to deliver or receive Ethereum directly, rather than using cash. Additionally, the trust's name is set to be changed to iShares Ethereum Trust ETF to align with its registration statement.
The overall net inflow of the US Bitcoin spot ETF on Wednesday was $608.99 million. The total net asset value of Bitcoin spot ETFs is $129.02 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6%.
The Bitcoin spot ETF with the highest net inflow on May 21 was iShares Bitcoin Trust, with a net inflow of $530.63 million. Following that was Fidelity Wise Origin Bitcoin Fund, with a net inflow of 23.53 million, according to SoSoValue.
SoSoValue
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