Source: Cointelegraph
Original: “Bitcoin (BTC) Continues to Rise, First Breaks $110,000”
According to TradingView data, Bitcoin (BTC) set a new all-time high of $110,788.98 on the Coinbase platform on the morning of May 22, around 7:30 AM Beijing time.
In the past 24 hours, the price of Bitcoin has risen by about 3%, surpassing the previous all-time high of $109,458 reached earlier that day, marking its first time exceeding the long-held peak of January 20.
As the largest cryptocurrency in the world, Bitcoin has accumulated a 17.5% increase so far this year, with a 47% rise since dropping to $75,000 on April 7 due to a global market crash triggered by U.S. President Donald Trump's implementation of comprehensive tariffs.
Bitcoin's new peak coincides with turbulence in the U.S. stock market due to weak 20-year bond auctions, with Treasury yields soaring on May 21. The S&P 500 index fell 80 points within half an hour, and the Nasdaq and Dow Jones indices showed similar trends, with all major U.S. indices trending downward that day.
Caroline Bowler, CEO of Australian crypto exchange BTC Markets, stated in a note to Cointelegraph that Bitcoin's new high "reflects a mature interest in digital assets globally, rather than the speculative surge seen in past cycles."
She added, "Today's demand is driven by institutional-grade infrastructure and stronger regulatory clarity. Investor sentiment has undergone a decisive shift, reflecting institutional-style allocations."
According to Google Trends data, Bitcoin's search volume has been declining since November, sitting at typical lows of a crypto bear market, indicating lower interest from retail investors in the cryptocurrency.
Meanwhile, the Crypto Fear and Greed Index, which tracks market sentiment, scored 72 (out of 100) on May 22, indicating a "greed" sentiment. This index has decreased from its peak of 84 on January 22, 2025, just two days after Trump's inauguration.
Edward Carroll, Global Head of Markets and Corporate Finance at MHC Digital Group, noted in a message to Cointelegraph that the growing demand driving prices up in the medium term could see Bitcoin reach at least $160,000 in the fourth quarter of this year and $1 million by 2030.
At the same time, as Bitcoin prices peaked, leveraged trader James Wynn held over $1.1 billion in long positions on the crypto platform Hyperliquidity, becoming the largest margin trader on-chain.
The entry point for this 40x leveraged position was $108,065, with an unrealized profit of $20 million. If the price of Bitcoin drops to $103,800, this position will be liquidated.
Related: Bitcoin (BTC) Sets New High Without “Unhealthy” Leverage Usage—Will the Rally Continue?
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