Bitcoin Soars to $111,000 on Pizza Day — Know Key Details

Bitcoin surged to an all-time-high, surpassing $111,000 mark on May 22, which coincides with the Bitcoin Pizza Day celebrations. The rally can be attributed to higher inflows into Bitcoin ETFs, optimism surrounding stablecoin regulation, and global economic uncertainty.

As per CoinMarketCap, the cryptocurrency soared by 4% in a day to $111,489, while trading volumes climbed 77% in the same period. Bitcoin touched $111,862.98, up 3.3% from May 21’s close. The market capitalisation is valued at $2.21 trillion.

“Bitcoin is fast approaching $112,000 and trading at a new record as hopes increase that stablecoin regulation will soon pass after the advancement of legislation yesterday,” Jim Reid, global head of macro and thematic research at Deutsche Bank, said in a note cited by Reuters.

Interestingly, the rally coincides with Bitcoin Pizza Day, an annual event celebrated by crypto enthusiasts to mark the first real-world transaction using Bitcoin. On May 22, 2010, a programmer named Laszlo Hanyecz paid 10,000 Bitcoins (worth about $41 then) to purchase two pizzas.