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Tengrinews.kz – Bitcoin has surged above $111,000 for the first time, setting a new all-time high, according to data from CoinMarketCap.
According to the platform, Bitcoin climbed to $111,746, showing a 3.67% increase over the past 24 hours. As of 10:50 AM Astana time, the Bitcoin rate stood at $111,364.
The previous record was set ahead of the inauguration of U.S. President Donald Trump, when Bitcoin was trading above $108,000.
What’s behind bitcoin’s surge
On the evening of May 21, the U.S. Senate voted to advance the GENIUS Act, a bill that introduces federal regulations for stablecoins (cryptocurrencies pegged to the dollar or other assets). The vote passed with 66 in favor and 32 against.
Many view the bill’s progress as positive news for the crypto industry, which has long needed clear and consistent regulations.
The Senate is expected to hold a final vote later this week, after which the bill will be sent to President Donald Trump for approval.
Analysts believe that if the trend continues, Bitcoin may break further records before the end of the year.
