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Bitcoin, the leading cryptocurrency by market capitalization, reached a new local high of $105,976 earlier this Sunday on the Bitstamp exchange.  After giving up some gains, the flagship cryptocurrency is currently changing hands at $104,619.  As noted by Bitwise CEO Teddy Fusaro, Bitcoin has now managed to surpass the previous local high of $105,787 on May 12.  New local high has been installed, $105,950. Next level to watch is the all-time-high from January 20 of $109,358. https://t.co/G9xCHVC0zN — Teddy Fusaro (@teddyfuse) May 18, 2025 Notably, the latest Bitcoin move came after Treasury Secretary Scott Bessent rejected the idea of reducing federal spending during his appearance on CNN. The fact that it is now abundantly clear that fiscal stimulus is back on the table has likely boosted Bitcoin.   The largest cryptocurrency is perceived as a hedge against inflation, and Bessent’s statement has hinted at the debasement of the greenback.   “This is why the US debt was downgraded. This is why 60/40 is breaking. This is why society is damaged. Own scarce assets: BTC, gold, culture, IP, data,” Bitwise’s Jeff Park said.   You Might Also Like The cryptocurrency experienced a significant rally over the past few weeks after it started acting as an inflation hedge amid tariff-induced market turbulence.   Some pundits believe that the cryptocurrency could surge much higher. As reported by U.Today, Robert Kiyosaki, the author of “Rich Dad Poor Dad,” recently predicted that the leading cryptocurrency could surge to $250,000 this year.  At press time, Bitcoin is less than 5% away from reclaiming its record high.    Earlier today, according to data provided by analytics firm Onchain Lens, a whale deposited 700 Bitcoins (roughly $72.3 million at current prices). The whale continues to hold nearly $470 million in two different wallets.    Source: https://u.today/bitcoin-steadily-approaches-106000

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Filed under: News - @ May 20, 2025 4:28 am