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.
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 2.7% to a record US$109,856, 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.
