As the United States made progress in stablecoin legislation, Bitcoin (BTC) soared to an all-time high, reflecting the market's strong expectations that the Trump administration may bring clearer crypto regulatory policies. The world's largest cryptocurrency rose as much as 2.7% to a record high of $109,856 during the session before retreating slightly. The previous record was set on January 20, 2024, the day Trump was sworn in. Other cryptocurrencies such as Ethereum (ETH) and Ripple (XRP) also rose slightly at one point, but then also pulled back.

The cryptocurrency market has continued to rise in the past few weeks, one of the driving forces behind this is the positive signals from the US regulatory level. On Monday, after some Democratic lawmakers withdrew their opposition, the stablecoin bill supported by the crypto industry was able to move forward and has now been submitted to the Senate agenda. It is expected that bipartisan discussions will begin as early as this week to promote the legislative process.

It is reported that the content of the draft legislation has been revised and improved, including stricter restrictions on money laundering, overseas issuers, technology companies, etc., while strengthening consumer protection. The bill also stipulates that uniform regulatory standards will apply to domestic and foreign stablecoin issuers.

For a long time, Bitcoin has been regarded as a "safe-haven asset" in the eyes of some investors. Especially after the trade tariff storm triggered by the Trump era. Today, Bitcoin’s safe-haven status is once again in demand amid a deadlock in budget negotiations in the U.S. Congress that has heightened anxiety over deficit spending.

In the options market, investors have already placed bets that Bitcoin will rise further. Among them, call options of $110,000, $120,000 and even $300,000 expiring on June 27 have become the most popular contracts. According to Amberdata, demand for short-term call options with strike prices above $110,000 has surged in the past 24 hours.

Despite the high market sentiment, according to Coinglass data, the scale of long and short position liquidations in the current crypto market during this round of rally is relatively mild, totaling approximately $200 million in 24 hours.

Open interest in CME’s bitcoin futures contracts has rebounded 23% since hitting a year-to-date low in April. At the same time, since May, investors have injected a total of approximately US$3.6 billion into a number of US Bitcoin spot ETFs.

So far this year, Bitcoin has risen by about 14%, outperforming most risky assets. By comparison, the Nasdaq 100 is down about 2% since December.

Another major driving force behind Bitcoin's rise is the continued strengthening of corporate buying. Michael Saylor's Strategy (MSTR.US) has led a wave of "corporate reserve buying of coins". The company has currently purchased more than US$50 billion worth of Bitcoin.