Bitcoin price surges past $110,000 a coin to reach new record high

By HARVEY DORSET

Updated: 11:54 BST, 22 May 2025

Bitcoin reached a new all-time high, soaring past the $110,000 milestone for the first time on Thursday, pushed by positive sentiment for the cryptocurrency.

The crypto asset reached $111,886.41 at 4am, before levelling out at around $110,726.40 by mid-morning.

The price movement pushed bitcoin above its previous record of $109,528, which it hit in January this year, as well as breaching the psychological $110,000 barrier for the first time, a milestone that has previously faced resistance during bitcoin rallies.

The surge follows a slip in the dollar as concerns grow over mounting US debt and rising yields of US Treasury Bonds.

Record high: Bitcoin reached a new record highamid a downturn in the US Dollar

Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: ‘Bitcoin’s rise to fresh record levels marks a collision of factors but appears to have been prompted by fresh worries about the growing US debt pile. 

‘As the dollar has weakened, amid concerns about the US fiscal position, bitcoin has flexed even more muscle, as investors appear to be looking for alternatives to the greenback.’

Streeter added: ‘Nevertheless, investors should be wary about jumping onto the crypto rollercoaster, as bitcoin has a tendency to fall sharply following rapid ascents. 

‘People should be cautious and only invest at the fringes of their portfolio with money they can afford to lose.’

Gold, often seen as a ‘safe haven’ asset, has also seen a surge in value over the past few days as confidence in the dollar wanes.

Longer term, bitcoin backers are becoming increasingly optimistic as Trump continues to push a pro-crypto agenda, with signs emerging that favourable crypto policy will pass through Congress.

Earlier this week, Standard Chartered’s Geoffrey Kendrick backed a bitcoin price target of $500,000 by 2029 as institutional bitcoin holdings continue to increase.

Bitcoin has surged from around $68,000 at the time of Trump’s election win.

Nick Jones, chief executive of digital asset platform Zumo, said: ‘Bitcoin has soared to a new record high, with the market riding on optimism over US regulatory progress under the Trump Administration.

‘The Senate’s decision to push forward with the deliberately named GENIUS Act, aimed at establishing a national framework for stablecoins, is another watershed moment for the industry, and extends US leadership in the burgeoning digital assets sector.’

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Bitcoin price surges past $110,000 a coin to reach new record high

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