Bitcoin Tops $111,000 for First Time as US Optimism Lifts Crypto

Bitcoin surpassed US$111,000 for the first time, with traders increasingly bullish on the prospects of the original cryptocurrency amid mounting institutional demand and support from U.S. President Donald Trump's administration.

- TDG NETWORK

Bitcoin climbed as much as 3.3 per cent on Thursday to hit a record of $111,878, before falling just below $111,000 at 6:15 a.m. in New York. Smaller tokens also rose in a broad rally, with second-ranked Ether at one point up about 7.3 per cent.

A wave of optimism is buoying Bitcoin after the advancement of a key stable-coin bill in the U.S. senate fuelled hopes of greater regulatory clarity for digital-asset firms under Trump, who is avowedly pro-crypto.

Surging demand from Michael Saylor's Strategy, the former software maker until recently called MicroStrategy Inc.—which has stockpiled more than US$50 billion worth of Bitcoin—and a growing list of token hoarders is another driving force behind the rally.