U.S. Legislation Fuels Crypto Market Surge: Bitcoin Breaks $110,000

On May 21 (local time), Bitcoin’s price soared to an all-time high of $110,707, surpassing the record set on January 20 during Trump’s inauguration. This rally was driven by progress in U.S. stablecoin legislation, with a procedural vote in the Senate boosting market expectations for a bipartisan push to introduce clearer regulatory frameworks for cryptocurrencies. This move is seen as a key step in defining compliance paths for stablecoins and non-pegged digital assets, strengthening market confidence.

Galaxy Digital CEO Michael Novogratz noted that the Trump administration’s “pro-crypto” stance, combined with the SEC’s softening regulatory posture, has created powerful momentum for Bitcoin and other digital assets. On the institutional front, companies like MicroStrategy have continued to accumulate Bitcoin, with holdings now exceeding $50 billion—an important driver of the current rally.

Investor sentiment has clearly shifted, moving from “selling the rallies” to “buying the dips.” Since rebounding from April lows, Bitcoin has surged over 40%, further supported by improving macroeconomic conditions and easing geopolitical risks. Derivatives markets also reflect this bullish consensus, with open interest in Deribit’s June call options at a $120,000 strike price surging and some aggressive contracts even targeting $300,000.

Trump’s campaign promises continue to fuel optimism, with his “National Bitcoin Strategic Reserve” proposal and plans to fire SEC Chair Gary Gensler seen as potential paths to regulatory easing. Since the 2024 U.S. election, Bitcoin has gained more than 30%, marking its longest winning streak in four years. Despite broader market volatility linked to tariff policies, the U.K.-U.S. trade deal paved the way for Bitcoin to reclaim the $100,000 mark on May 8, setting the stage for this latest surge.

🟦 Highlights
✅ Bitcoin breaks $110,000, setting a new all-time high
✅ U.S. stablecoin legislation progress provides clearer regulatory framework
✅ MicroStrategy and other institutions continue to accumulate, holdings exceed $50B
✅ Investor sentiment shifts from “selling rallies” to “buying dips”
✅ Options markets show bullish sentiment, with some contracts targeting $300,000
✅ Trump’s campaign pledges and regulatory stance fuel industry optimism