Bitcoin has surged to a new all-time high – breaking through $111,000 for the first time.

It means every single person who has bought it since 2009 (and held onto it) will be sitting on a profit.

The surge follows a pretty dramatic 2025 for Bitcoin (BTC), with Donald Trump’s presidency making this digital asset even more volatile than usual.

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BTC had first managed to hit $109,000 on 20 January – the day Mr Trump was inaugurated – with investors hopeful that he would introduce a slew of pro-crypto policies.

Despite the president coming good on some of those promises, the world’s biggest cryptocurrency soon fell, amid accusations these policies didn’t go far enough.

The White House has confirmed the US will treat Bitcoin seized from criminals as an investment, but there was disappointment when it was confirmed the government would not be buying additional coins for its “strategic reserve” using taxpayers’ money.

Bitcoin also took a battering in the immediate aftermath of Mr Trump’s controversial “Liberation Day” tariffs – slumping to lows of $75,000 in April as investors dumped riskier assets.

There are several factors behind this recent comeback, with laws designed to regulate the crypto sector now advancing through the US Senate for the first time.

Interest in Bitcoin is also growing among hedge funds and financial institutions, while some companies are now in a race to buy as much of this cryptocurrency as possible.

One company called Strategy now has a war chest of 576,230 BTC worth $63bn – resulting in handsome profits of more than $23bn.

Part of BTC’s appeal lies in how it has a limited supply of 21 million coins, whereas the amount of traditional currencies in circulation often increases over time.

The latest milestone will likely contribute to a euphoric atmosphere when the president hosts a controversial dinner tomorrow for 220 of the biggest investors in $TRUMP, his very own cryptocurrency.

It also coincides with Bitcoin 2025 – the biggest crypto conference in the world – which is due to begin in Las Vegas on Tuesday – and growing financial market concerns about the size of the US government’s ballooning debt pile.

Nigel Green, chief executive of global financial advisory firm deVere Group, expects Bitcoin to set new milestones in the coming months.

“$150,000 no longer looks ambitious – it looks cautious,” he wrote in a note.

“Several forces have aligned to propel the market. A cooler-than-expected US inflation print, an easing in trade tensions between Washington and Beijing, and the Moody’s downgrade of US sovereign debt have all steered investors toward alternatives to traditional fiat-based stores of value.

“Bitcoin, often likened to digital gold, is soaking up that demand.

“In a world where sovereign credibility is fraying, investors are shifting decisively into assets that can’t be diluted or manipulated. Bitcoin has become not just a speculative play, but a strategic hedge.”

The M&S website is down – hours after the retailer revealed it’s facing a £300m hit to profits following last month’s ransomware attack.

A holding page told customers that they are currently unable to browse the site, adding: “We’re making some updates and will be back soon.”

Online purchases have been suspended since the incident on 22 April, and it may be a couple of weeks before services are partially restored.

Sky News understands that the maintenance is routine.

M&S recently warned that disruption to its operations could last into July, but chief executive Stuart Machin says the retailer is “on the road to recovery”.

It is widely believed the retailer fell victim to Scattered Spider, a hacking group that has also been linked to similar attacks targeting The Co-op and Harrods.

Last week, M&S also admitted personal data belonging to some of its customers has been stolen – but the company stressed this didn’t include “usable payment or card details”.

Passwords were also not affected, but there are reports that contact details such as names, addresses and phone numbers was taken.

The company’s valuation has plunged by more than £1bn as the fallout deepens.

“This incident is a bump in the road, and we will come out of this in better shape, and continue our plan to reshape M&S for customers, colleagues and shareholders,” Mr Machin told analysts on Wednesday.

The pace of inflation surged last month to an annual rate of 3.5%, its highest level in more than a year, according to official figures which pointed to hikes to essential household bills.

The Office for National Statistics (ONS) said the increase, up from a 2.6% rate in March, was explained by an unusual increase to energy bills during April and steeper rises for other staples such as water.

Households on the energy price cap saw a rare spring rise of 6.4% in April, while council tax bills were widely up by the 5% level.

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The water regulator allowed suppliers to charge customers an extra £10 per month, on average, across England and Wales while broadband, mobile and TV licence costs also rose.

ONS acting director general Grant Fitzner said of the price picture: “Significant increases in household bills caused inflation to climb steeply.

“Gas and electricity bills rose this month compared with sharp falls at the same time last year due to changes to the Ofgem energy price cap.

“Water and sewerage bills also rose strongly this year as did vehicle excise duty, which all pushed the headline rate up to its highest level since the beginning of last year.

“This was partially offset by falling prices for motor fuels and clothing, driven by heavy discounting for children’s garments and women’s footwear.”

The consumer prices index measure of inflation is closely-watched as rising numbers make it difficult for the Bank of England to cut interest rates – raised sharply by the Bank from December 2021 to tackle the infancy of the cost of living crisis.

There have been four cuts since August last year, as easing inflation has allowed.

In advance of the ONS data, financial markets had fully priced in two further interest rate reductions this year, with no change expected at the Bank’s next rate-setting meeting in mid-June.

The inflation numbers also make for tough reading at the Treasury, where Chancellor Rachel Reeves is juggling several challenges.

While the recent economic growth figures have been encouraging, economists widely expect hikes to consumer bills to apply a further choke to consumer spending in the months ahead.

Ms Reeves said: “I am disappointed with these figures because I know cost of living pressures are still weighing down on working people.

“We are a long way from the double digit inflation we saw under the previous administration, but I’m determined that we go further and faster to put more money in people’s pockets.

“That’s why we have increased the minimum wage for millions of working people, frozen fuel duty to protect commuters and struck three trade deals in the past two weeks that will go towards cutting bills.”

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Economists have questioned whether the inflation numbers may have also been pushed higher due to firms passing on costs after the chancellor’s decision to raise employer national insurance contributions and the minimum wage last month.

Shadow chancellor Sir Mel Stride blamed Labour’s “damaging” tax increase for the rise in inflation.

He said: “We left Labour with inflation bang on target, but Labour’s economic mismanagement is pushing up the cost of living for families – on top of the £3,500 hit to households from the chancellor’s damaging jobs tax.

“Families are paying the price for the Labour chancellor’s choices.”