Bitcoin price surged to $106,000 on Sunday, May 18, achieving its highest weekly close ever.
\nThe rally saw Bitcoin\u2019s market cap reach $2.11 trillion, liquidating over $44M in short positions.
\nTrump\u2019s proposed 5% remittance tax on non-US citizens is seen as a key driver, likely pushing users to crypto.<\/p>\n
Bitcoin surged to a new peak over the weekend, reaching $106,000 per coin on Sunday, May 18, marking its highest valuation since early February of this year. <\/span><\/p>\n This rally propelled the flagship cryptocurrency\u2019s market capitalization to an impressive $2.11 trillion and triggered significant liquidations in the derivatives market.<\/span><\/p>\n The recent price action reportedly culminated in the highest weekly closing price for Bitcoin to date, surpassing a previous benchmark of $104,298.70 set in December of the prior year. <\/span><\/p>\n Reports indicated that this surge led to the liquidation of over $44 million in short positions tied to Bitcoin across various derivatives platforms, underscoring the potent buying pressure.<\/span><\/p>\n Market observers point to two primary catalysts providing the impetus for Bitcoin\u2019s latest ascent. <\/span><\/p>\n A significant factor appears to be a legislative proposal from US President Donald Trump, dubbed the \u201cbig, beautiful bill.\u201d <\/span><\/p>\n This package of legislative priorities includes a contentious five percent tax on remittances sent by non-US citizens residing in the US to their home countries.<\/span><\/p>\n This proposed remittance tax is projected to affect over 40 million individuals in the US who regularly send portions of their income to support families abroad. <\/span><\/p>\n While the measure has faced opposition from countries like Mexico, President Trump\u2019s bill has reportedly advanced, having been cleared by the US House Budget Committee in a late-night vote on Sunday.<\/span><\/p>\n Analysts have voiced concerns that this bill could inadvertently drive migrants towards alternative, \u201cunauthorised channels\u201d such as cryptocurrencies to make remittances and circumvent the proposed tax. <\/span><\/p>\n Crypto advocacy group Coin Center has noted that self-hosted crypto wallets fall outside the purview of the bill, as they do not meet the definition of remittance-transfer providers. <\/span><\/p>\n This potential shift towards crypto for cross-border payments is seen as a bullish driver for Bitcoin.<\/span><\/p>\n Another significant factor potentially fueling the increased buying interest in Bitcoin is the anticipation of upcoming regulation. <\/span><\/p>\n For years, the cryptocurrency industry has advocated for clear regulatory frameworks as a means to formally integrate digital assets into the established financial system. <\/span><\/p>\n Now, a US bill specifically designed to regulate stablecoin issuers is slated to be taken up by the US Congress this week.<\/span><\/p>\n Republican Senator Bill Hagerty, one of the sponsors of the \u2018Guiding and Establishing National Innovation for US Stablecoins (Genius) Act,\u2019 expressed optimism about the legislative progress. <\/span><\/p>\n \u201cNext week, the Senate will make history when we debate and pass the Genius Act that establishes the first ever pro-growth regulatory framework for payment stablecoins,\u201d Hagerty was quoted as saying. <\/span><\/p>\n According to a report by Coindesk, the bill was reportedly redrafted at the eleventh hour to address concerns raised by Democrats regarding consumer protection and national security elements. <\/span><\/p>\n The prospect of clearer rules for stablecoins, a cornerstone of the crypto ecosystem, is likely contributing to broader market confidence.<\/span><\/p>\n Bitcoin\u2019s journey this year has been characterized by extreme price swings. <\/span><\/p>\n These fluctuations have occurred amidst broader economic anxieties, including panic over the potential collapse of the US dollar, spurred by President Trump\u2019s imposition of tariffs on China and other nations. <\/span><\/p>\n For instance, in April, Bitcoin\u2019s price experienced a sharp downturn, plummeting by 30 percent from its all-time high of nearly $110,000 to around $75,000 per coin, illustrating the asset\u2019s sensitivity to macroeconomic developments and market sentiment. <\/span><\/p>\n The current rally above $106,000 marks a significant recovery and a renewed wave of bullish momentum.<\/span><\/p>\n The post Bitcoin blasts past $106K: is Trump\u2019s remittance tax bill crypto\u2019s new rocket fuel?<\/a> appeared first on CoinJournal<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Bitcoin price surged to $106,000 on Sunday, May 18, achieving its highest weekly close ever. The rally saw Bitcoin\u2019s market cap reach $2.11 trillion, liquidating over $44M in short positions. Trump\u2019s proposed 5% remittance tax on non-US citizens is seen as a key driver, likely pushing users to crypto. Bitcoin surged to a new peak […]<\/p>\n","protected":false},"author":0,"featured_media":3427,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-3426","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bitcoin"},"acf":[],"_links":{"self":[{"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/posts\/3426","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/comments?post=3426"}],"version-history":[{"count":0,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/posts\/3426\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/media\/3427"}],"wp:attachment":[{"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/media?parent=3426"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/categories?post=3426"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/tags?post=3426"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}The remittance tax ripple effect: a crypto catalyst?<\/span><\/h2>\n
Regulatory horizon: stablecoin bill sparks optimism<\/span><\/h2>\n
A year of volatility: navigating economic crosscurrents<\/span><\/h2>\n