NEW YORK (BN24) — Bitcoin surged to a record high near $112,000 late Wednesday, driven by persistent institutional demand and growing risk appetite as major financial firms deepened their embrace of the world’s largest cryptocurrency.
The digital asset touched an unprecedented peak of $111,988.90 before easing slightly to trade up 0.4% at $111,259. Since the start of the year, bitcoin has climbed more than 18%, underscoring renewed momentum across the crypto sector.
“Bitcoin is the only asset I am aware of where it becomes less risky as it grows in size,” Anthony Pompliano, founder and CEO of Professional Capital Management, wrote in a letter to investors Wednesday. “There were few sophisticated capital allocators who could gain exposure when bitcoin was a $100-200 billion market cap. Now that the asset is measured in trillions, almost every capital allocator on the planet can put the exposure on.”
Analysts also credited the Trump administration’s crypto-friendly policies for fueling the rally, saying regulatory openness has unlocked new pools of capital for digital assets.
Trump Media & Technology Group, led by the president’s family, disclosed in a filing with U.S. market regulators Tuesday that it plans to launch an exchange-traded fund investing in multiple crypto tokens, including bitcoin, ether, solana and ripple.
Bitcoin’s surge lifted other major cryptocurrencies. Ether, the second-largest digital currency by market capitalization, hit a one-month high of $2,794.95 and was last up 5.4% at $2,740.99.
Crypto-related stocks also posted gains. Strategy, the firm co-founded by bitcoin treasury advocate Michael Saylor, rose 4.7% to $415.41. Coinbase Global advanced 5.4% to $373.85.
Reuters
