Bitcoin's price is again demonstrating active growth, approaching the important mark of $110,000. Meme coins have also shown impressive results.
Bitcoin Price and Its Surge
At the time of writing, Bitcoin is trading at around $109,500, which is about 2% below its all-time high reached on May 22. Since its all-time low 12 years ago, Bitcoin has increased by 161,270%.
Regulatory Changes and Their Impact
The recent legislation proposed by Donald Trump's administration, which received support from both the Senate and the House, does not include direct regulations for cryptocurrencies but intends to alleviate taxes for retail users. This includes a 100% bonus depreciation rule which may encourage Bitcoin mining companies to ramp up operations.
Effects of Meme Coin Growth
In the altcoin market, there is a surge: Fartcoin and Bonk are leading with gains of 20% and 17% respectively. Major cryptocurrencies like ETH, DOGE, and ADA also saw remarkable increases. Interestingly, stablecoins recorded the lowest performance, with Fasttoken and Bitcoin Cash struggling.
The total cryptocurrency market capitalization increased by $50 billion over the day, nearing $3.5 trillion. This surge occurs amid significant regulatory changes and meme coin successes.
