Bitcoin continued its upward surge on Thursday, reaching a new all-time high of $111,886.41 in early London trading, according to data from Coin Metrics. The world’s largest cryptocurrency later eased slightly, trading around $111,012.00 by 7:03 a.m. local time.
The sharp rise comes despite a broader decline in U.S. stock markets on Wednesday, marking a divergence from Bitcoin’s usual correlation with equities — particularly the tech-heavy Nasdaq.
James Butterfill, head of research at crypto asset manager CoinShares, said the rally has been “driven by a mix of positive momentum, growing optimism around U.S. crypto regulation, and continued interest from institutional buyers.”
Butterfill also pointed to larger economic concerns fueling Bitcoin’s appeal. “The rally was also helped along by broader macro concerns, including Moody’s recent downgrade of U.S. sovereign debt, which added to the narrative of Bitcoin as a hedge against fiat instability,” he told CNBC via email.
Last week, ratings agency Moody’s downgraded the United States’ sovereign credit rating, intensifying concerns around traditional financial systems and boosting demand for alternative assets like Bitcoin.
Meanwhile, positive regulatory signals from the U.S. have added to the momentum. The GENIUS Act — legislation aimed at regulating stablecoins — recently passed a key procedural vote in the Senate, signaling potential bipartisan support for clearer crypto rules.
U.S. President Donald Trump, alongside AI and crypto advisor David Sacks, has also advanced a pro-crypto agenda that market watchers say is lifting sentiment.
Adding to the bullish outlook, JPMorgan CEO Jamie Dimon — once a vocal critic of Bitcoin — said the bank would now allow clients to purchase the digital currency, further underscoring growing institutional acceptance.
