Bitcoin hits new all-time high, surpassing January peak

Analysts credit recent momentum to increased participation by traditional financial institutions, especially JPMorgan.

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Bitcoin surged to a new all-time high on Wednesday, climbing 2% to reach $109,481.83 and surpassing its previous January peak. The rally comes as investor risk appetite rebounds following a tariff-driven sell-off last month, according to Reuters.

Often moving in tandem with tech stocks, Bitcoin has mirrored the Nasdaq’s sharp recovery—the index is up 30% since early April. A weakening US dollar has also supported Bitcoin’s value, enhancing its appeal as an alternative asset.

Analysts attribute part of the recent momentum to growing involvement from traditional financial institutions. Notably, JPMorgan CEO Jamie Dimon—once a vocal crypto skeptic—acknowledged that clients can now access Bitcoin.

Additionally, crypto exchange Coinbase’s inclusion in the S&P 500 this month is seen as a significant validation for the industry.

However, not all news has been positive. Coinbase revealed on Monday that the US Department of Justice is investigating a recent data breach at the company, adding a note of caution amid the bullish sentiment.