The world’s largest cryptocurrency reached $111,466.48 on Coinbase at 9:45 a.m., eclipsing its previous record of $109,358 set in January. The rally comes as investors seek alternatives to government bonds and equities, both of which have been roiled by market turbulence.
The surge in Bitcoin coincided with a sharp drop in long-term U.S. Treasury yields, which fell more than 5 percent on Thursday.
The movement rattled global financial markets, prompting a widespread sell-off in both bonds and stocks. The Dow Jones Industrial Average, the S&P 500, and the tech-heavy Nasdaq all posted their steepest monthly losses in recent memory.
The sell-off in Treasuries underscored investor concerns over the U.S. fiscal outlook, as President Donald Trump’s proposed tax cuts raise fears of an expanding federal deficit.
“They don’t include the greater risk that the countries in debt will print money to pay their debts, thus causing holders of the bonds to suffer losses from the decreased value of the money they’re getting,” said Ray Dalio, founder of Bridgewater Associates, the world’s largest hedge fund.
Bitcoin’s ascent was further bolstered by regulatory developments in Washington.
On Monday, the Senate advanced the Genius Act, a bill aimed at establishing a regulatory framework for stablecoins. The legislation was widely interpreted as a step toward integrating digital assets into the mainstream financial system.
Texas also contributed to the bullish sentiment. Lawmakers there passed legislation allowing the state to hold Bitcoin as a strategic reserve asset—a move that was cheered by crypto advocates.
Abroad, the cryptocurrency trend is gaining political traction.
In South Korea, Democratic Party presidential candidate Lee Jae-myung proposed the issuance of a stablecoin backed by the South Korean won, signaling growing interest in digital finance among policymakers.
reporter
Kim Dong-young
davekim0807@ajupress.com
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