Bitcoin Hits All-Time High Amid Elon Musk BTC Support

After days of virtually null price action and hovering just above US$108K (AU$165K), Bitcoin (BTC) has finally broken out and reached a new all-time high. 

The primary crypto asset surpassed US$112K (AU$171K) for the first time this Wednesday, then it cooled off at the current level of US$111.3K (AU$170.3), according to data from CoinGecko. Its market cap now sits at US$2.21T (AU$3.38T).

Related: Senate Banking Committee Convenes Crypto Power Panel Ahead of Landmark Regulation Vote

This is probably the moment where crypto bros chant “we are so back” and in all fairness, it looks like it.

Bitcoin Hits New ATH

What’s behind the uptick? Well, many things, but we can start with Elon Musk’s new political venture, The America Party. As part of its push to break up the US two-party hold on power (if that’s even remotely possible), the Tesla founder said the party would back BTC because fiat is “hopeless”.

“The America Party is formed to give you back your freedom,” Musk wrote Saturday, framing the launch as a direct response to last week’s approval of the US$3.4T (AU$5.2T) “Big, Beautiful Bill”, a massive spending package signed by Donald Trump, with whom Musk has recently split. 

Musk slammed the bill as a “disgusting abomination” that will deepen the national deficit. He even said on X that Trump was on the Epstein list. It was a full dramatic political clash, which ended up in Musk having a black eye and emitting a public apology a few days later.

Related: Bitcoin Bulls Battle Boring Markets as Analyst Eyes $120K Short-Term Target