Bitcoin smashes past US$111k, sets new all-time high

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State of crypto

• Bitcoin hits record high over US$111k before retreating amid market volatility
• Trump's crypto czar advances stablecoin bill despite conflict concerns
• Crypto stocks surge after Bitcoin’s new all-time high
• US SEC delays decisions on XRP and Dogecoin ETFs
• Jamie Dimon criticizes regulatory overreach, opens JPMorgan to Bitcoin

Bitcoin hits record high over US$111k before retreating amid market volatility

Bitcoin surged all the way to a new all-time high price of US$111,880, driven by a number of factors including robust institutional inflows, optimism over impending US crypto regulations, and a weakening US dollar. The rally was partly driven by over US$3.6 billion entering US Bitcoin ETFs in May, which marks the largest monthly inflow since January 2025.

Additionally, the advancement of the bipartisan GENIUS Act in the US Senate, which aims to regulate stablecoins, has appeared to bolster investor confidence. Rising US Treasury yields and fiscal uncertainties have caused Bitcoin to retreat a bit after setting a new price record – dipping as low as US$106k before bouncing back up again - but despite the pullback, BTC is still up more than 25% in the past month.

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Trump's crypto czar advances stablecoin bill despite conflict concerns

The US Senate has advanced legislation to regulate stablecoins, a key priority for President Trump’s administration, following a 66–32 procedural vote. The bill aims to establish a federal framework for stablecoin issuers, with added provisions to restrict large tech companies like Meta and Google from issuing their own stablecoins. However, the legislation has sparked controversy, as critics argue it could financially benefit Trump, who has launched his own stablecoin, USD1, through a family-linked venture. Despite these concerns, proponents emphasize the need for clear regulatory guidelines as the stablecoin market approaches a US$250 billion valuation.

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Crypto stocks surge after Bitcoin’s new all-time high

Crypto-linked stocks jumped across the board after Bitcoin hit a new all-time high price above US$110,000. Strategy (formerly MicroStrategy) saw a modest gain, while Japan’s Metaplanet soared over 60%, fuelled by its large BTC holdings and ties to Eric Trump. US-based crypto-related stocks such as those from mining firms including MARA Holdings, Riot Platforms, CleanSpark, and Bitdeer posted gains between 5% and 12%. The surge highlights how closely crypto equities are tracking Bitcoin’s momentum, with traders rotating into crypto-exposed companies amid renewed bullish sentiment.

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US SEC delays decisions on XRP and Dogecoin ETFs

The United States Securities and Exchange Commission (SEC) has postponed its decisions on proposed exchange-traded funds (ETFs) that would track the prices of XRP and Dogecoin. The applications, submitted by asset managers 21Shares and Grayscale, are part of a broader wave of altcoin-based ETF proposals following the success of spot Bitcoin funds. The SEC stated that additional time is needed to assess whether these ETFs meet regulatory standards designed to prevent fraudulent and manipulative practices and to protect investors. This highlights the SEC’s adherence to its presently cautious approach to approving ETFs for cryptocurrencies beyond Bitcoin and Ethereum, despite growing interest from asset managers in offering diverse crypto investment products.

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Jamie Dimon criticizes regulatory overreach, opens JPMorgan to Bitcoin

At JPMorgan Chase's recent investor day, CEO Jamie Dimon expressed strong criticism of the regulatory landscape, asserting that post-2008 financial crisis regulations have become excessively burdensome and disconnected from real-world banking operations. He highlighted that the proliferation of overlapping rules has driven financial activities outside the traditional banking system, creating arbitrage opportunities and additional risks. Dimon emphasized the need for regulatory reforms to address these issues and restore balance to the financial sector. He also announced that JPMorgan will now allow clients to purchase Bitcoin, despite his personal skepticism toward it. While the bank will not offer custody services, it will include Bitcoin holdings in client statements.

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Crypto Fear & Greed Index

Source: Fear & Greed Index

BTC Markets in the news

AFR: Bitcoin hits record $US110,000 amid ‘stupendous’ buying

“Today’s demand [for bitcoin] is driven by institutional-grade infrastructure and stronger regulatory clarity,” said Caroline Bowler, chief executive of BTC Markets. “Investor sentiment has shifted decisively, reflecting institutional-style allocations.”

Read the full article here.

News.com.au: World gobsmacked as Bitcoin goes ballistic

Caroline Bowler, CEO at BTC Markets, said the rise overnight “reflects a mature interest in digital assets worldwide, not the speculative surge seen in past cycles”.

Read the full article here.

The Australian: Bitcoin records 'major milestone'

BTC Markets chief executive Caroline Bowler also noted easing trade tensions between the US and China were lifting risk appetite, which has helped buoy bitcoin.

"Here in Australia, interest in regulated digital access is growing. Investors want secure, compliant ways to engage with digital assets. The foundations for broader adoption are in place. We expect the next growth phase to be sustained and widespread," she said.

Read the full article here.

Cointelegraph: Bitcoin continues rally to surpass US$110K for the first time

“Today’s demand is driven by institutional-grade infrastructure and stronger regulatory clarity. Investor sentiment has shifted decisively, reflecting institutional-style allocations,” Caroline Bowler, CEO of the Australian crypto exchange BTC Markets, said in a note to Cointelegraph.

Read the full article here.

Ausbiz: Bitcoin's breakout... or breakdown?

Charlie Sherry, Head of Finance at BTC Markets, recently joined Ausbiz to share his latest market insights. He discussed why Bitcoin’s current range between US$100K-US$105K could be a potential pivot point, Ethereum’s strong rebound and what it signals for altcoins, and the growing acceptance of stablecoins by traditional financial institutions, driven in part by the U.S. GENIUS Act.

Watch the full interview.

Crypto Corner: DeFi’s capital-efficient growth for investors

In this episode, BTC Markets’ Head of Finance Charlie Sherry speaks with James Hanley, Head of Strategy and Growth at Drift, about how DeFi is moving beyond speculation, toward capital efficiency, institutional use, and more integrated platforms.

Catch the full conversation.

Announcements

Bitcoin Pizza Day contest winners announced!

A big thank you to everyone who joined our Bitcoin Pizza Day challenge!After going through all the entries, we have selected the five lucky winners who each scored AU$100 worth of Bitcoin.

Congratulations and stay tuned for more exciting community giveaways soon!

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The week ahead: economic events

Thursday, May 22nd 

• Germany Manufacturing PMI & Ifo Business Climate Index
• United Kingdom Manufacturing PMI & Services PMI

Friday, May 23rd

• United States Existing Home Sales
• Japan Inflation Rate YoY
• United Kingdom Retail Sales MoM

Tuesday, May 27th 

• Germany GfK Consumer Climate
• France Inflation Rate
• United States Durable Goods Orders

Thursday, May 29th 

• United States FOMC Minutes and GDP Growth Rate
• Japan Consumer Confidence

Source: Trading economics

Market reflections

• Australia: Australia cuts rates to two-year low as RBA warns of global trade war fallout
• United States: US economy faces persistent challenges despite temporary trade truce
• China: China reduces US Treasury holdings with new domestic investment focus
• Japan: Japan's economy contracts for first time in a year due to US tariffs
• Canada: Canada tightens crypto oversight amid US regulatory shifts

Australia: Australia cuts rates to two-year low as RBA warns of global trade war fallout

The Reserve Bank of Australia (RBA) cut its cash rate by 25 basis points to 3.85% - its second rate cut of the year and the lowest level since 2023. The central bank cited weakening global demand, easing domestic inflation, and rising risks tied to international trade tensions as key reasons behind the move. While inflation is now back within the RBA’s 2-3% target range, broader economic momentum remains subdued. Australia’s GDP growth has slowed significantly, and forward indicators such as consumer spending and business investment point to persistent fragility in the domestic economy.

RBA officials expressed deep concern over the escalating global trade war triggered by U.S. tariffs, warning that a protracted conflict could severely impact Australia’s export-heavy sectors. In its latest report, the central bank projected that under an extended tariff regime, unemployment could climb near 6% and GDP growth could fall below 1%. Despite the rate cut, policymakers stopped short of signaling a firm easing cycle, instead emphasizing a "data-dependent" outlook as they monitor global financial markets and commodity demand from key trading partners like China. The RBA also reiterated that while monetary policy can offer support, fiscal measures may be needed to buffer against further global shocks.

United States: US economy faces persistent challenges despite temporary trade truce

The recent 90-day tariff reduction agreement between the US and China has provided short-term relief, with recession odds decreasing from 45% to 35% and a modest uptick in consumer sentiment. However, underlying economic concerns remain. The International Monetary Fund has urged the US to address its growing fiscal deficit, warning that proposed tax cuts could worsen the nation's fiscal imbalances. Additionally, inflation expectations have surged, with short-term projections reaching 7.3%, the highest since 1981. Federal Reserve officials caution that elevated tariffs, even after reductions, continue to pose significant risks to economic stability. The long-term outlook for the US remains uncertain amid persistent inflation, fiscal challenges, and ongoing trade tensions.

China: China reduces US Treasury holdings with new domestic investment focus

China has decreased its US Treasury holdings, dropping to the third-largest foreign holder behind the UK, with holdings at US$765 billion as of March 2025. This reduction aligns with China's strategic shift towards bolstering domestic investments, particularly in high-tech sectors. From January to April 2025, fixed-asset investment in China grew by 4% year-on-year, with significant increases in information services (40.6%) and computer and office equipment manufacturing (28.9%). The move reflects China's broader economic strategy to enhance self-reliance and stimulate domestic demand amid global economic uncertainties.

Japan: Japan's economy contracts for first time in a year due to US tariffs

Japan's economy contracted by an annualized 0.7% in Q1 2025, exceeding forecasts and marking its first decline in a year, as stagnant consumption and falling exports - particularly in the auto sector - highlight vulnerabilities ahead of impending US tariffs. The Bank of Japan faces pressure to pause rate hikes, while policymakers consider fiscal stimulus to mitigate the impact of trade tensions.

Canada: Canada tightens crypto oversight amid US regulatory shifts

As the US advances its crypto regulatory framework, Canada is reinforcing its own oversight. The Canadian Securities Administrators (CSA) have mandated that cryptocurrency exchanges register as restricted dealers, ensuring compliance with national standards. This move aims to bolster investor protection and align Canada's crypto market with global best practices. The CSA's initiative reflects Canada's commitment to a regulated and secure digital asset environment, distinguishing its approach amid evolving international crypto regulations.

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