Bitcoin hit a record high above $111,000 on Thursday, continuing its strong upward trend even as US stock markets fell. Early trading in London saw the cryptocurrency reach $111,886.41 before settling near $110,900.
Experts say Bitcoin’s rise is fueled by positive momentum, growing confidence in US crypto regulations, and renewed interest from institutional investors.
James Butterfill, head of research at CoinShares, explained that the rally shows investors are looking for alternative stores of value amid economic uncertainty.
The recent downgrade of the US credit rating by Moody’s has further boosted Bitcoin’s appeal as a safeguard against instability in traditional currencies.
On the regulatory side, the GENIUS Act, a US bill to regulate stablecoins, passed a key Senate vote, indicating progress on the legal front.
Support from notable figures also helped the market: US President Donald Trump and crypto advocate David Sacks have pushed a pro-crypto stance, while JPMorgan CEO Jamie Dimon, once skeptical of Bitcoin, said the bank will now let clients buy the cryptocurrency.
Bitcoin’s move away from the tech-heavy Nasdaq, which dropped on Wednesday, shows that investors are increasingly treating Bitcoin as a safe haven amid rising financial uncertainty.