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Investing.com-- Bitcoin edged marginally higher on Tuesday, trading in a narrow range after last week’s record high, as investors turned their focus to the start of the major 2025 Bitcoin conference in Las Vegas later in the day.
The world’s largest cryptocurrency added 0.1% to $109,710.0 as of 09:53 ET (13:53 GMT).
The token surged to a record high of nearly $112,000 on Thursday last week, but gave some of the gains amid profit-booking and whale trades at peak levels.
Still, prices were supported near record highs amid regulatory cheer and optimism over increased institutional adoption.
Bitcoin near record high; markets await 2025 crypto conference
Bitcoin surged to a record high last week as both the U.S. and Hong Kong advanced significant regulatory initiatives aimed at establishing comprehensive frameworks for stablecoins.
In the U.S., the Senate advanced the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. Meanwhile, Hong Kong’s legislature passed a landmark stablecoin bill, introducing a licensing framework for fiat-referenced stablecoin issuers.
Investors also saw a shift in Wall Street’s view, where reports emerged that major U.S. banks were considering launching a joint stablecoin venture.
Markets now await the Bitcoin 2025 Conference, beginning on May 27 at the Venetian Expo in Las Vegas.
This year’s edition is expected to be the largest to date, drawing over 30,000 attendees, featuring more than 400 speakers, and involving 5,000 participating companies.
Notable speakers at the event include Michael Saylor, Justin Sun, Jack Mallers, and Robinhood (NASDAQ:HOOD) CEO Vlad Tenev.
U.S. Vice President JD Vance, Senator Cynthia Lummis, SEC Commissioner Hester Peirce, and economist Peter Schiff are also scheduled to appear.
As Bitcoin hovers near all-time highs, the event is anticipated to boost additional interest and momentum.
Trump Media to raise $2.5bn for Bitcoin treasury, shares sink
Trump Media & Technology Group said Tuesday that it has reached agreements with institutional investors to raise approximately $2.5 billion, with plans to use the funds to establish a Bitcoin treasury.
Shares of the Truth Social operator fell around 7% following the market open on Tuesday.
The news comes after Trump Media denied a Financial Times report that it plans to raise $3 billion to invest in cryptocurrencies such as Bitcoin, calling the story writers "dumb" and the sources unreliable.
TMTG, the media company backed by the Trump family and parent of Truth Social, is seeking $2 billion in equity and $1 billion through a convertible bond to finance large-scale crypto purchases, the FT reported on Monday, citing six people familiar with the matter.
The FT report sent Trump Media shares soaring roughly 11% in premarket trading Tuesday, before reversing all of the gains.
Crypto price today: Most altcoins range-bound, tracking Bitcoin
Most altcoins also fell, tracking weakness in the biggest cryptocurrency.
World no.2 crypto Ethereum rose 3.6% to $2,657.56.
World no. 3 crypto XRP traded flat at $2.33.
Solana was trading 0.2% higher, while Cardano climbed 0.3%, and Polygon dropped 1.4%.
Among meme tokens, Dogecoin rose 1.4%, while $TRUMP added 1.3%.
Ayushman Ojha contributed to this report.