Analyst: Institutional demand drives Bitcoin to new highs

ChainCatcher news, Tickmill Group analyst Patrick Munnelly stated in a report that Bitcoin has risen to an all-time high driven by institutional investor interest and support measures from President Trump.

He said, "The recent surge in Bitcoin's value is driven by the continued buying from institutional investors, who are purchasing a large amount of the available supply, leading to a constant decrease in liquidity on trading platforms."

Additionally, Trump has ordered the establishment of a Bitcoin strategic reserve, and the U.S. Senate passed a bill last month to provide a regulatory framework for stablecoins.