Bitcoin reached a new weekly high of $106,000 on May 18, marking its highest weekly closing price ever, and surpassing its December 2024 record. The surge pushed its market capitalization to $2.11 trillion, with over $44 million in short positions liquidated.
Two major factors appear to be driving this surge:
- Upcoming US Crypto Legislation: The US Congress is preparing to debate a significant crypto regulation bill, increasing investor confidence and anticipation.
- Trump’s Proposed Remittance Tax: Former President Donald Trump introduced a bill proposing a 5% tax on remittances by non-US citizens, encouraging alternative, decentralized financial tools like Bitcoin.