Bitcoin climbed to a new all-time high on Thursday, briefly reaching $111,886.41 in early trading hours in London, according to data from Coin Metrics, CNBC reports.
By 7:03 a.m. London time, the world’s most prominent cryptocurrency had eased slightly to trade around $111,012.00.
The latest surge in Bitcoin’s value comes despite broader declines in US equity markets, which have typically moved in tandem with the cryptocurrency in the past. The tech-heavy Nasdaq, often seen as a market closely linked to digital assets, saw losses on Wednesday — a divergence that analysts suggest may reflect shifting investor priorities.
James Butterfill, head of research at crypto asset manager CoinShares, attributed the rally to “a mix of positive momentum, growing optimism around US crypto regulation, and continued interest from institutional buyers.” In a statement to CNBC, Butterfill also cited wider macroeconomic concerns as a contributing factor.
One such concern is the recent downgrade of US sovereign credit by ratings agency Moody’s, which has sparked renewed interest in Bitcoin as a potential hedge against traditional currency risks and fiat instability.
Positive regulatory developments in the United States are also bolstering sentiment in the crypto market. The GENIUS Act, a proposed bill focused on regulating stablecoins, advanced through a key procedural vote in the Senate, signaling potential progress toward a more structured legal framework for digital assets.
Political backing has played a role as well. US President Donald Trump and his advisor David Sacks, who oversees AI and cryptocurrency initiatives, have advocated a pro-crypto agenda — a policy stance that has been viewed favorably by market participants.
Adding to the momentum, JPMorgan CEO Jamie Dimon — long known for his skeptical stance on Bitcoin — acknowledged that the bank would allow clients to purchase the digital currency. The move marks a notable shift in approach from one of Wall Street’s most influential institutions.
