As of Monday morning, May 26, the price of Bitcoin has increased by 1.2%, reaching $109,457.90. After a record high of nearly $112,000 on Thursday, the cryptocurrency experienced a correction to $107,000 on Friday due to profit-taking by investors and large transactions by so-called “whales.”
This is reported by Finway
IG analysts noted that “the minimal resistance at the previous record level of $109,576 indicates an extremely strong upward momentum.” They added that the volume of profit-taking was nearly half of what it was when Bitcoin first reached $100,000 in December, indicating sustained confidence among investors.
Favorable Regulatory News Supports the Market
The cryptocurrency market is also positively influenced by regulatory news. In the U.S., the Senate has advanced the Genius bill aimed at creating a national innovation system for stablecoins. Meanwhile, on May 21, Hong Kong passed a law introducing licensing for issuers of stablecoins pegged to fiat currencies.
Optimism Regarding Institutional Investments
Earlier this month, Bitcoin reached a new all-time high, exceeding $111,000, amid optimism regarding regulatory changes in the U.S. and growing interest from institutional investors. In particular, BlackRock has increased its investments in Bitcoin, indicating rising confidence in the cryptocurrency market.