Bitcoin Surges 4.5% to New All-Time High of $109,378

Bitcoin, the world's largest cryptocurrency by market capitalization, surged to a new all-time high price above $109,000 on Wednesday morning. This significant milestone was driven by a combination of factors that have propelled cryptocurrencies and other risk-on assets higher over the past two months. At the time of reporting, Bitcoin was trading at approximately $109,378 on the crypto exchange Coinbase, marking a 4.5% increase over the past 24 hours and a nearly 25% rise over the last month.

According to Joe DiPasquale, CEO of crypto asset manager BitBull Capital, the recent surge in Bitcoin's price is not merely a short-term phenomenon but rather a reflection of a more sustained and structural shift in how investors are viewing the cryptocurrency. DiPasquale attributed this shift to steady inflows into Bitcoin exchange-traded funds (ETFs) and a broader change in political tone. He noted that there is growing institutional interest and a renewed risk appetite across the board, indicating that Bitcoin is increasingly being seen as a macro asset with long-term relevance, rather than just a speculative trade or a bet on technology or hype cycles.

The latest gains in Bitcoin's price come amidst a backdrop of improved macroeconomic conditions. Investors, buoyed by recent retreats from global trade tensions and encouraging inflation reports, have been ploughing back into risk-on assets. Bitcoin, in particular, has benefited from being viewed as a hedge against macroeconomic uncertainties that could undermine the value of the U.S. dollar. This trend began to reverse shortly after encouraging readings on inflation and partial retreats from tariffs on key trading partners, leading to accelerated gains for Bitcoin and other cryptocurrencies, as well as major equity indexes.

Bitcoin's previous record high of $108,786 was reached in late January, but it dipped below $75,000 in early April as global trade tensions escalated. The cryptocurrency's price plummeted due to investor concerns over the economic policies of the newly elected U.S. President, which many analysts believed would raise prices and slow the global economy. However, the recent shift in political tone and improved macroeconomic conditions have contributed to Bitcoin's resurgence, pushing it to new all-time highs.