Investing.com-- Bitcoin held steady on Wednesday, remaining supported slightly below its recent record high, as investors closely monitored developments from the ongoing Bitcoin 2025 conference in Las Vegas.
The world’s largest cryptocurrency was largely unchanged at $109,030.20 as of 01:41 ET (05:41 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.
Prices were supported near record highs amid regulatory cheer and optimism over increased institutional adoption.
Bitcoin 2025 Conference signals strategic support
The cryptocurrency hovered near its recent record high, buoyed by significant policy announcements and legislative endorsements at the Bitcoin 2025 Conference, which started a day earlier.
At the conference, Bo Hines, the White House Digital Assets Advisor, emphasized the administration’s commitment to Bitcoin, referring to it as "digital gold." Hines stated that the U.S. government has no intention of selling its Bitcoin holdings and aims to accumulate more through strategic reserves.
Senator Cynthia Lummis also made headlines by announcing that President Donald Trump supports the BITCOIN Act, a bill proposing the acquisition of up to 1 million BTC over five years.
The legislation, set to be introduced to the Senate floor next week, seeks to formalize the establishment of a Strategic Bitcoin Reserve, initially funded by Bitcoin seized in federal cases.
These developments come in the wake of President Trump’s March 6 executive order, which established the Strategic Bitcoin Reserve and the U.S. Digital Asset Stockpile.
The Bitcoin 2025 conference has attracted significant attention, with industry leaders and policymakers discussing the future of digital assets.
The event’s high-profile announcements have contributed to Bitcoin’s price stability, as investors anticipate increased institutional adoption and government support for the cryptocurrency.
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.
Crypto price today: Most altcoins subdued in line with Bitcoin
Most altcoins also saw marginal moves, tracking the tepid performance in the biggest cryptocurrency.
World no.2 crypto Ethereum rose 2.6% to $2,637.52.
World no. 3 crypto XRP edged 0.4% higher to $2.3060.
Solana was up 0.7% lower, while Cardano and Polygon were largely muted.
Among meme tokens, Dogecoin edged down 0.2%, while $TRUMP gained 0.5%.