Bitcoin has achieved a new all-time high of $124,002.49, driven by growing expectations of Federal Reserve rate cuts, ongoing institutional investment, and favorable regulatory moves from the Trump administration. Ether also surged to $4,780.04, its highest level since 2021. The market rally follows President Trump's pro-crypto policies since his return to the White House, including an executive order allowing crypto assets in 401 retirement accounts and regulatory reforms easing crypto investment.
Bitcoin has risen nearly 32% in 2025, fueled by the U.S. Securities and Exchange Commission’s overhaul of crypto regulations and the passage of stablecoin legislation. The overall crypto market capitalization now exceeds $4.18 trillion, significantly higher than the $2.5 trillion recorded in November 2024. Analysts suggest that a sustained Bitcoin price above $125,000 could drive it to $150,000. While the move to include crypto in retirement plans may benefit firms like BlackRock and Fidelity, it also introduces higher volatility risks compared to traditional assets.
A resurgence in cryptocurrency markets under President Donald Trump's second administration has fueled a wave of U.S. crypto companies rushing to go public, driven by investor optimism, favorable regulations, and all-time high valuations—global cryptocurrencies recently hit $4.2 trillion. Among the notable developments, Bullish raised over $1.1 billion in an IPO, while Circle made a remarkable NYSE debut, its stock surging from $31 to $153.16, valuing it at $35 billion. The Senate’s passage of the Genius Act, a new regulatory framework for stablecoins, further boosted market confidence and IPO momentum.
Bullish, a crypto exchange backed by billionaire Peter Thiel, saw its shares set to open over 75% above its IPO price on the New York Stock Exchange, signaling strong investor interest in the digital assets space. Priced initially at $37, Bullish raised $1.11 billion, valuing the company at $5.4 billion. With pre-market indications between $60 and $65, its valuation could exceed $9.5 billion. The uptick comes amid regulatory tailwinds, institutional interest, and growing adoption of cryptocurrencies driven by ETF inflows and corporate treasury involvement. Bullish’s strategy focuses on institutional clients, offering more stable revenues than retail-centric platforms. The firm also plans to convert much of its IPO funds into stablecoins, aligning with new U.S. regulations established under the Genius Act.
Do Kwon, a South Korean cryptocurrency entrepreneur known as "the cryptocurrency king," pleaded guilty in a Manhattan federal court to two counts of fraud related to the $40 billion collapse of Terraform Labs. The charges involved conspiring to commit commodities, securities, and wire fraud, as well as a separate count of wire fraud. Kwon co-founded Terraform Labs, which launched the stablecoin TerraUSD, claiming it was a safe investment. However, its collapse in May 2022, alongside its companion token Luna, led to massive investor losses worldwide. Under a plea deal with U.S. prosecutors, Kwon agreed to serve no more than 12 years in prison, though federal guidelines suggested a 25-year sentence. He will forfeit over $19 million in assets and relinquish his stake in Terraform Labs and its cryptocurrencies. Kwon, who was arrested in Montenegro in March 2023 for using a false passport and extradited to the U.S. in December 2023, accepted responsibility for misleading investors. U.S. Attorney Jay Clayton stated that Kwon exploited the hype around cryptocurrency to orchestrate one of the largest financial frauds in history. Sentencing is set for December 11.
