Bitcoin (COIN:BTCUSD) maintained a steady position on Wednesday, hovering just below its recent all-time high as investors closely watched updates from the ongoing Bitcoin 2025 conference in Las Vegas.
The world’s leading cryptocurrency was largely flat at around $109,030 as of early Wednesday morning – 01:41 ET. Last Thursday, Bitcoin hit a record peak approaching $112,000 but retraced some of those gains amid profit-taking and large whale transactions.
Support near these record levels has been bolstered by positive regulatory signals and growing optimism about institutional adoption.
Key Announcements at Bitcoin 2025 Conference
The Bitcoin 2025 event, which began a day earlier, has provided strategic momentum with major policy endorsements and legislative support. Bo Hines, the White House Digital Assets Advisor, highlighted the U.S. administration’s strong backing for Bitcoin, calling it “digital gold.” He affirmed that the government has no plans to sell its Bitcoin reserves and intends to grow these holdings through a strategic reserve program.
Senator Cynthia Lummis also made waves by revealing that President Donald Trump endorses the BITCOIN Act – a proposed bill aiming to acquire up to 1 million BTC over the next five years. This legislation, expected to be introduced to the Senate next week, would establish a formal Strategic Bitcoin Reserve funded initially by Bitcoin confiscated in federal cases.
These developments follow Trump’s March 6 executive order, which laid the groundwork for the Strategic Bitcoin Reserve and the U.S. Digital Asset Stockpile.
The conference has drawn significant attention from industry leaders and policymakers, with more than 30,000 attendees, over 400 speakers, and 5,000 participating companies expected this year – making it the largest edition to date.
Altcoins Remain Mostly Quiet Alongside Bitcoin
Most alternative cryptocurrencies (altcoins) mirrored Bitcoin’s subdued trading. Ethereum, the world’s second-largest crypto, climbed 2.6% to $2,637.52, while XRP saw a modest increase of 0.4% to $2.31. Solana edged up slightly by 0.7%, whereas Cardano and Polygon showed little movement.
Among meme coins, Dogecoin slipped 0.2%, whereas the $TRUMP token posted a small gain of 0.5%.