Analyst: Optimism around U.S. regulation drives bitcoin price to new high

The price of bitcoin rose to a new record high on Wednesday. The rally in bitcoin and the broader crypto market in recent weeks has been thanks to favorable regulation, including a stablecoin bill introduced in the US Senate after a group of Democrats dropped their opposition on Monday. The industry-backed regulation bill is currently being debated in the Senate, with a bipartisan panel hoping to pass it as soon as this week. "This is a move from former SEC Chairperson Gensler and the SEC to the Trump administration, which has embraced our industry," Michael Novogratz, founder and CEO of Galaxy Digital, said in an interview on Wednesday. "This unleashes the'animal spirits' (i.e. the dynamism of the market and the enthusiasm for investment) at home and abroad."