Analyst: Optimism Around US Regulation Drives Bitcoin Price to New High

Bitcoin prices surged to a record high on Wednesday. The recent rebound in Bitcoin and the broader crypto market in recent weeks is attributed to regulatory positives, including a stablecoin bill proposed by the U.S. Senate after a group of Democrats dropped their opposition on Monday. This industry-supported regulatory bill will now be debated in the Senate, with a bipartisan group hoping to pass it as early as this week. Galaxy Digital founder and CEO Michael Novogratz said in an interview on Wednesday, "This is a shift from the approach of former SEC Chairman Gensler and the SEC to the Trump administration's approach, which has embraced our industry. This has unleashed 'animal spirits' (i.e., market vitality and investment enthusiasm) both domestically and internationally."