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

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.
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.
Simon Peters, market analyst at Etoro, said: 'This could just be the start of something far the price tops out this bull market remains to be seen. What is evident is that if bitcoin is really to be the global reserve currency or asset then its market capitalisation (and in turn price) should be far higher than the $2.2 trillion that we are currently at today.
'With the recent downgrade of the US credit rating, and the amount of debt that it needs to be refinanced this year, it will be interesting to see what demand is now like for newly issued treasuries.
'A failure at auction, as in not enough buyers, could mean the Fed has to intervene, provide the cash for these bonds and increase its balance sheet. Historically the price of bitcoin has been seen to rise in line with a growing Fed balance sheet.'
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.