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Bitcoin hits all-time high on Wednesday, gaining 2% to reach above $1,11000 and surpassing its previous record from January, amid renewed investor confidence and growing institutional backing.
The surge comes after a tariff-related sell-off last month dampened market sentiment. However, with risk appetite rebounding, Bitcoin hits an all-time high once again, mirroring the Nasdaq’s sharp 30% rally since early April.
Bitcoin, often seen moving in lockstep with tech stocks, has benefited from a weakening US dollar, which has further strengthened its position as a sought-after alternative asset.
Analysts credit part of the momentum to increasing participation from mainstream financial players. A notable shift occurred when JPMorgan CEO Jamie Dimon, previously a vocal critic of cryptocurrencies, confirmed that clients now have access to Bitcoin through the bank.
Another milestone for the crypto industry came this month as Coinbase, a leading digital currency exchange, was officially added to the S&P 500 index, bolstering legitimacy and investor confidence in the sector.
Despite the bullish trend, concerns remain. Coinbase disclosed earlier this week that the U.S. Department of Justice is investigating a recent data breach, introducing a cautionary note amid the positive developments in the crypto space.
