NEW YORK, May 22 (WSH) —Bitcoin has once again rewritten history. On May 22, the world’s largest cryptocurrency surged past $110,000, reaching a record price of $110,022.32, up 3.03% for the day. The surge was driven by a convergence of structural tailwinds including legislative progress in U.S. stablecoin regulation, increasing institutional capital inflows, and an improving macroeconomic environment.
With this latest rally, Bitcoin’s total market capitalization has reached $2.18 trillion, placing it fifth among the world’s largest assets — behind only gold, Microsoft, Nvidia, and Apple.
Structural Drivers Fuel Bitcoin’s Rally
Ding Zhaofei, Chief Analyst at HashKey Group, attributed the rise to “a series of fundamental catalysts,” notably the U.S. Senate’s recent procedural approval of the GENIUS Stablecoin Act, a landmark bill aiming to regulate the $250 billion stablecoin market. The proposed law mandates full-reserve backing, periodic audits, and bans on unregulated algorithmic stablecoins.
“This bill would institutionalize the stablecoin space and open new channels for large-scale capital inflows into digital assets,” Ding noted. With the bill expected to pass in the full Senate vote, the stage is set for a potential hundred-billion-dollar wave of fresh capital entering the crypto sector.
Meanwhile, Hong Kong has taken the lead in regulatory clarity, passing its own Stablecoin Bill on May 21, further establishing Asia as a rising hub for digital finance innovation.
Bitcoin Decouples from Equities, Strengthens as Safe-Haven Asset
Since Donald Trump’s re-election in November 2024, Bitcoin has seen steady appreciation. Despite a brief plunge below $75,000 following Trump’s tariff policy announcement in April, the asset rebounded quickly. As of May, Bitcoin has gained nearly 16% month-to-date and 17% year-to-date.
Institutional data provider Glassnode reports that non-liquid supply has hit a record high, indicating that long-term holders, not retail speculation, are leading the current rally. The divergence from equity market performance further reinforces Bitcoin’s positioning as a hedge and store of value.
JPMorgan analysts forecast that Bitcoin could outperform gold in the second half of 2025. “In the past three weeks, Bitcoin’s gains have come at gold’s expense. We believe this zero-sum trend could persist, with crypto-native catalysts favoring Bitcoin in the months ahead.”
TRUMP Token Dinner Sparks Controversy
Adding to the crypto headlines, former President Trump is scheduled to host a “TRUMP Gala Dinner” on May 22 at his Washington golf club. The event offers dinner access to the top 220 TRUMP token holders, with the top 25 receiving exclusive invitations to a future White House tour. If Trump cannot attend, limited-edition NFTs will be distributed instead.
Critics argue this event blurs ethical lines. “This ‘token-for-access’ model commercializes political influence and injects speculative fervor into what should be policy discourse,” one analyst warned. Ding added, “We’re witnessing the meme coin subculture invade political centers of power — a profound shift in both political and crypto narratives.”
Bitcoin 2025 Conference to Drive Further Momentum
Looking ahead, the highly anticipated Bitcoin 2025 Conference will be held May 27–29 in Las Vegas. Speakers include U.S. Vice President J.D. Vance, Eric Trump, MicroStrategy founder Michael Saylor, and Robinhood CEO Vlad Tenev — signaling both institutional and political interest converging on crypto’s biggest stage.
Ding expects Bitcoin’s price to reach $150,000–$180,000 this year. “Despite macroeconomic uncertainties, bullish momentum remains structurally intact. Bitcoin call option skew remains stable, suggesting markets still expect more upside.”
