Bitcoin, the leading cryptocurrency by market capitalization, achieved a new local high, reaching $105,976 on the Bitstamp exchange early this Sunday, May 18, 2025. Following a slight correction, the cryptocurrency is currently trading at $104,619, according to market data.
Teddy Fusaro, CEO of Bitwise, noted that Bitcoin surpassed its previous local high of $105,787, recorded on May 12. The new peak was set at $105,950, with the next key level to watch being the all-time high of $109,358, reached on January 20. This movement underscores the asset’s upward trajectory, as it sits less than 5% from reclaiming its historical peak.
The recent surge in Bitcoin’s price aligns with comments from U.S. Treasury Secretary Scott Bessent during a CNN interview. Bessent ruled out immediate cuts to federal spending, signaling that fiscal stimulus measures are back on the table. This outlook, which hints at potential dollar devaluation, bolsters Bitcoin’s appeal as an inflation hedge. Expectations of further currency debasement appear to have driven the cryptocurrency’s price higher.
Additionally, data from the Onchain Lens platform revealed that, on the same day, a major investor (known as a “whale”) deposited 700 Bitcoins, equivalent to approximately $72.3 million at current prices. This investor still holds around $470 million in Bitcoin across two separate wallets, signaling ongoing confidence in the asset.
As Bitcoin approaches its all-time high, the market remains vigilant, monitoring upcoming economic developments and institutional activities that could shape its path forward.
