Bitcoin surged to a fresh all-time high on Wednesday following the U.S. Senate’s advancement of the GENIUS Act—a major stablecoin regulation bill that had previously stalled in Congress.
The leading cryptocurrency climbed nearly 4%, reaching $109,439 as of 12:35 PM ET (16:35 GMT), surpassing its earlier peak of $109,288 set in January after a period of consolidation.
Regulatory Momentum Drives Bitcoin Rally
This latest upswing is part of a broader digital asset surge fueled by pro-crypto policy shifts under President Donald Trump and a temporary easing of trade tensions between the U.S. and China.
Tuesday’s legislative progress on the GENIUS Act is seen as a significant win for the crypto industry, signaling growing regulatory clarity. The bill is expected to reach the Senate floor for a vote later this week before heading to Trump’s desk for final approval.
Adding to bullish sentiment, the Trump administration’s March launch of a Strategic Bitcoin Reserve aimed at positioning the U.S. as a global leader in crypto has helped bolster investor enthusiasm.
Trade Frictions and Fed Policy Cloud Outlook
Despite the optimism, risks remain. China has pushed back against new U.S. export controls on AI chips, calling the measures “bullying” and threatening retaliation—raising fears over the fragility of the current trade ceasefire.
Additionally, Federal Reserve officials on Tuesday warned that continued tariff hikes could fuel inflation, potentially delaying any interest rate cuts. A prolonged period of high interest rates could dampen investor appetite for risk assets, including crypto.
Still, Bitcoin’s ongoing strength reflects growing institutional confidence and its evolving role as a hedge against geopolitical instability and inflation concerns.
Market Analysts Point to $120K Target
Stephen Wundke, Director of Strategy & Revenue at digital asset firm Algoz, told Investing.com that Bitcoin appears well-positioned to reach $120,000 within the next 6 to 8 weeks.
“Institutions and whale wallets are leading this charge, mirroring strategies used by MicroStrategy and other firms following Michael Saylor’s playbook,” Wundke noted. “There may be brief pullbacks, but the trend is undeniably upward.”
Rikisp, CEO of SwapX, a decentralized exchange on the Sonic network, echoed the sentiment. He attributed the rally—especially the move past $108,000—to record levels of Bitcoin now held by global exchange-traded products (ETPs).
“This isn’t just a technical rally—it marks a shift in how Bitcoin is perceived. More major funds are treating it as a strategic long-term asset, not merely a speculative trade,” he said.
