As the U.S. grapples with record levels of unwieldy debt, rising bond yields, and a choppy stock market, bitcoin ( BTC) has quietly recorded its highest price ever, breaking the $109K barrier on Wednesday morning for the first time since its previous all-time high in January.

Republican lawmakers are currently bickering over President Donald Trump’s so-called “big, beautiful bill,” a 1,116-page document that will deliver tax cuts to the tune of $4 to $5 trillion according to some outlets. The Congressional Budget Office says the bill, if passed, would subsequently heap on another $3.8 trillion to the country’s debt which is fast approaching $37 trillion.

The ever-increasing debt levels have triggered a jump in bond yields, with the 30-year treasury yield topping 5%. Stock market performance has been mixed, with the Nasdaq gaining 0.19% while the S&P 500 and the Dow both dropped 0.30% and 0.86% respectively, as per CNBC. But with bitcoin roaring past $109K, crypto markets climbed 3.96%, reaching a $3.44 trillion market capitalization, according to Coinmarketcap.

(30-Year Treasury bond yield / CNBC)

“If you’re not buying bitcoin at the all-time high, you’re leaving money on the table,” said Michael Saylor, Chairman of software firm turned bitcoin treasury pioneer, Strategy.

Bitcoin surged to an all-time high of $109,767.52 but is currently trading at $107,051.33 after a slight pullback. The cryptocurrency has posted a 0.80% gain over the past 24 hours and appreciated 3.82% over a seven-day period, according to Coinmarketcap. BTC has been trading between $105,250.50 and $109,767.52, ultimately breaking through key resistance levels and its market capitalization now stands at $2.12 trillion, up 0.70% since yesterday.

( BTC price / Trading View)

The asset’s rally triggered a 34.67% jump in trading activity, with 24-hour volume rising to $66.92 billion. Bitcoin’s price appreciation has also bumped up its market dominance, which edged higher to 64.15%, up 0.13 percentage points since yesterday. Open interest in BTC futures climbed 11.18% to $79.84 billion, suggesting that derivatives traders are increasingly positioning for further price movement.

( BTC dominance / Trading View)

Data from Coinglass painted a grim picture for bearish traders. Total liquidations over the past 24 hours amounted to $15.01 million, with a hefty $14.23 million wiped from short positions. Longs accounted for just $785,920 in liquidations, highlighting how bears were punished for betting in the wrong direction during the historic rally.

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