Ethereum rose mildly on Wednesday on profit-taking as bitcoin reached a record high, before pulling other cryptocurrencies down with him.

Bitcoin price advanced on Wednesday and hit a fresh record high just above $109,000, reflecting strong demand.

According to CoinDesk data, the price scaled past the previous record high at $109,224 scaled on the day of Trump's inauguration in January.

It later petered out to $106,500 but remained over 4% higher today and nearly 14% higher so far in 2025.

As for ethereum, the second most valuable cryptocurrency, it rose 2.2% to $2530, while Ripple climbed 1.2% to $2.36.

Recent supportive regulatory measures by the Trump administration boosted prices, with the Senate proposing the Stablecoins bill to regulate cryptocurrencies linked to the dollar.

Even though the bill only focuses on Stablecoins, it gave a big boost to the entire crypto market.

Separately, Texas lawmakers approved a law establishing a crypto strategic reserve for the state, including bitcoin and other digital currencies.

Pepperstone's analyst Chris Weston said the crypto market and bitcoin in particular looks to be heading very clearly upwards towards fresh record highs.

Ethereum

On trading, ethereum rose 0.1% on Coinmarketcap as of 20:34 GMT to $2492.3.

Sterling rose on Wednesday after data showed UK inflation rose faster than expected last month.

UK consumer prices rose 3.5% y/y in April, passing estimates of a 3.3% rise.

On trading, the GBP/USD pair rose 0.3% as of 20:20 GMT to $1.3427.

Aussie

The Australian dollar rose 0.2% against its US counterpart as of 20:20 GMT to $0.644.

US Dollar

The dollar index fell 0.6% as of 20:02 GMT to 99.5, with a session-high at 99.9, and a low at 99.3.

Reports indicate that Trump is frustrated with the slow progress of the bill and urged Republican lawmakers to back off some of their demands and pass the bill.

Concerns about the US budget and debt sent 30-year treaury yields above 5% once more today while 10-year yields rerurned above 4.5%.

Otherwise, the US-China dispute resurfaced on chips after just two weeks of their agreement to pause most tariffs for 90 days, with China warning that Trump's attack on Huawei chips hurt the outcome of the Geneva talks.

Nvidia CEO Jensen Huwang said the US controls on AI chip exports failed and helped bolster the development of Chinese alternatives, leading to billions of dollars of lost sales for US companies.

Gold prices rose on Wednesday for the third straight session as the dollar fell against most major rivals amid uncertainty about US debt levels.

Reports indicate that Trump is frustrated with the slow progress of the bill and urged Republican lawmakers to back off some of their demands and pass the bill.

Concerns about the US budget and debt sent 30-year treaury yields above 5% once more today while 10-year yields rerurned above 4.5%.

Otherwise, the US-China dispute resurfaced on chips after just two weeks of their agreement to pause most tariffs for 90 days, with China warning that Trump's attack on Huawei chips hurt the outcome of the Geneva talks.

Nvidia CEO Jensen Huwang said the US controls on AI chip exports failed and helped bolster the development of Chinese alternatives, leading to billions of dollars of lost sales for US companies.

Separately, the dollar index fell 0.6% as of 20:02 GMT to 99.5, with a session-high at 99.9, and a low at 99.3.

On trading, gold spot prices rose 1.1% as of 20:04 GMT to $3319.2 an ounce.

Bitcoin price advanced on Wednesday and hit a fresh record high just above $109,000; reflecting strong demand.

According to CoinDesk data, the price scaled past the previous record high at $109,224 scaled on the day of Trump's inauguration in January.

It later petered out to $106,500 but remained over 4% higher today and nearly 14% higher so far in 2025.

As for ethereum, the second most valuable cryptocurrency, it rose 2.2% to $2530, while Ripple climbed 1.2% to $2.36.

Recent supportive regulatory measures by the Trump administration boosted prices, with the Senate proposing the Stablecoins bill to regulate cryptocurrencies linked to the dollar.

Even though the bill only focuses on Stablecoins, it gave a big boost to the entire crypto market.

Separately, Texas lawmakers approved a law establishing a crypto strategic reserve for the state, including bitcoin and other digital currencies.

Pepperstone's analyst Chris Weston said the crypto market and bitcoin in particular looks to be heading very clearly upwards towarss fresh record highs.

On trading, bitcoin rose 4.3% as of 16:22 GMT on CoinMarketCap to $109,166