Bitcoin Price Hits New Record. Why the Crypto Is Surging. — Barrons.com

By Callum KeownBitcoin hit a new all-time high above $109,000 Wednesday as the cryptocurrency was boosted by regulatory developments.The world's largest cryptocurrency hit $109,422 late morning, passing its previous record of $109,224, reached on Inauguration Day in January, according to data from CoinDesk. The crypto then slipped back to $109,1761, up 3.5% over the past 24 hours.Ether, the second biggest crypto, was up 3.4% to $2,566 and the popular altcoin XRP rose 2% to $2.39.Regulatory developments have helped cryptocurrencies in recent days after the Senate advanced a bill Monday for so-called stablecoins, cryptos pegged to a fiat currency, typically the U.S. dollar. The legislation aims to regulate only stablecoins, not Bitcoin, but its movement through Congress is still a boost to overall sentiment.Separately, the Texas House of Representatives voted to approve a Bitcoin reserve bill Tuesday, the Dallas Morning News reported. The bill creates a framework for the state to create a strategic reserve of Bitcoin and other cryptocurrencies. To become law, the legislation must be signed by the state's Gov. Greg Abbott."In the crypto space, the setup and price action in Bitcoin looks outright bullish," Pepperstone analyst Chris Weston said late Tuesday. He added that if the pullbacks remain limited and well supported, then a new record high could come into play.Several recent pushes toward its record high have ended in failure, but each time, the price seems to get closer.Write to Callum Keown at [email protected] content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.