Following a surge in technology stocks and a revival of global capital markets, Bitcoin hit a new all-time high on Wednesday. Data from reports indicates that Bitcoin soared past $112,000 after witnessing a 1.9 percent increase in its price.

 

This has allowed Bitcoin, the largest cryptocurrency, to break its previous record, reportedly set in late May. Reports credit a surge in the capital markets for the gains in the digital asset space. California-based technology giant Nvidia logged immense gains, briefly touching $4 trillion in market capitalisation - the first company to reach this milestone.

 

Gains experienced by Nvidia allowed the National Association of Securities Dealers Automated Quotations (NASDAQ) composite to close at a record high as well. Reports suggest that this has caused investor confidence to surge, prompting larger investments into higher-risk appetite assets such as cryptocurrencies.

 

Reports claim that this phenomenon is common, as bitcoin and other digital assets are tied to sentiments in the capital market. Thus, a higher investor risk appetite usually translates to digital assets as well. CoinMarketCap’s (CMC) Crypto Fear and Greed Index readings lend weight to this trend. 

 

The CMC Crypto Fear and Greed Index, which ranges from 0 to 100, helps indicate the state of the market, with lower values indicating extreme fear, consequently, leading to sell-offs and vice versa for higher values.

 

As of publishing, the Crypto Fear and Greed Index reading sits at 58 points, indicating a significant increase in risk appetite from just 24 hours ago when the index recorded a reading of just 52 points. 

 

Data from reports indicates that despite investors parking billions of dollars into the cryptocurrency within just a few weeks, Bitcoin’s climb up to its record high has remained controlled. Gains have remained stagnant over the past month, reportedly averaging just two percent.

 

However, the increase in Bitcoin's price could accelerate in the coming periods as the United States (US) Congress is reportedly looking to pass legislation regarding cryptocurrencies.

 

As of publishing, the price of Bitcoin rests around $111,278.71; however, analysts believe that upon “crypto week’s” arrival in Washington, the price could cross the $120,000 resistance level. Pakistan could benefit greatly from these developments as the Pakistan Crypto Council recently announced the formation of the country’s first-ever government-led Strategic Bitcoin Reserve.

 

In his keynote speech at Bitcoin Vegas 2025 in Las Vegas, United States, PCC's Chief Executive Officer Bilal Bin Saqib outlined the intentions behind creating a crypto wallet, highlighting how holding digital assets by the state was “not for sale or speculation, but as a sovereign reserve signalling long-term belief in decentralised finance.”