Analyst: Optimism around US regulation drives Bitcoin prices to new highs.

The price of Bitcoin rose to a record high on Wednesday. The recent rebound in Bitcoin and the broader cryptocurrency markets in recent weeks is attributed to positive news on the regulatory front, including a stablecoin bill proposed by a group of Democratic senators on Monday after abandoning their opposition. This industry-supported regulatory bill is currently being debated in the Senate, with a bipartisan group hoping to pass it as soon as this week. Galaxy Digital founder and CEO Michael Novogratz said in an interview on Wednesday, "This is a shift from the approach of the former SEC chairman Clayton and the SEC to the Trump administration, which has embraced our industry. This has unleashed the 'animal spirits' domestically and internationally."