Bitcoin Surges to New Heights Amid Institutional Interest and Political Support

On Friday, Bitcoin surged to a groundbreaking all-time high, buoyed by strong demand from institutional investors and supportive moves by the Trump administration in the United States.

The leading cryptocurrency reached a peak of $116,781.10 during the Asian session, marking a remarkable 24% gain for the year thus far. It settled at $116,563.11. Joshua Chu, co-chair of the Hong Kong Web3 Association, attributed this rally to significant institutional accumulation, noting major players are depleting liquidity on exchanges.

President Trump has shown a favorable stance towards cryptocurrencies, evidenced by his executive order establishing a strategic crypto reserve and appointing crypto-advocates, including SEC Chair Paul Atkins. Additionally, Trump Media & Technology Group is planning to introduce a crypto-focused exchange-traded fund. Meanwhile, Ether also benefited, surging nearly 5% to $2,956.82 after hitting a five-month high.

(With inputs from agencies.)