Bitcoin Surpasses $110K in Record-Breaking Rally

Bitcoin Breaks $110K for the First Time Amid Market Volatility

Bitcoin has surged past the $110,000 mark for the first time ever, marking a significant milestone in its ongoing rally. The world’s largest cryptocurrency gained 3% over the past 24 hours, reaching a new all-time high of $110,788.98 on Coinbase late on May 21, according to TradingView data. As of May 22, Bitcoin is trading at around $111,600.

This rally builds on a strong performance in 2025, with Bitcoin now up 17.5% year-to-date and an impressive 47% rebound from its April 7 low of $75,000. That drop was triggered by U.S. President Donald Trump’s imposition of sweeping tariffs, which rattled global markets.

The latest price surge coincided with turmoil in U.S. financial markets. A weak 20-year bond auction on May 21 sent Treasury yields soaring and pushed stock indexes sharply lower. The S&P 500 dropped 80 points in 30 minutes, with the Nasdaq and Dow Jones following suit.

Bitcoin’s weekly chart shows it has climbed out of a slump earlier this year. Source: TradingView

Despite the market uncertainty, industry leaders point to more mature drivers behind Bitcoin’s rise. Caroline Bowler, CEO of Australian exchange BTC Markets, emphasized that the rally is fueled by institutional interest, not retail hype.

“Today’s demand is driven by institutional-grade infrastructure and stronger regulatory clarity,” Bowler said. “Investor sentiment has shifted decisively, reflecting institutional-style allocations.”

Interestingly, Google Trends data shows that searches for Bitcoin remain at bear market levels, suggesting that retail investor interest is relatively subdued. However, the Crypto Fear & Greed Index registered a score of 72 on May 22, indicating a market mood of “greed”—though it remains below its 2025 peak of 84 in January.

Edward Carroll, head of global markets at MHC Digital Group, forecasted further gains, predicting that Bitcoin could hit $160,000 by Q4 2025 and potentially reach $1 million by 2030 if the current momentum continues.

In a notable development, crypto trader James Wynn’s leveraged position on the Hyperliquidity platform has become the largest on-chain margin trade to date. His $1.1 billion long bet at 40x leverage, entered at $108,065, now holds an unrealized profit of $20 million. However, the position risks liquidation if Bitcoin drops to $103,800.

As institutional money continues to pour in and macroeconomic pressures weigh on traditional markets, Bitcoin’s historic climb may just be getting started.