Bitcoin Hits New All-Time High, Nears $114,000
With a market cap representing roughly 60% of the $3.4 trillion crypto space, it’s now a critical asset.
Quick overview
- Bitcoin (BTC) reached a new all-time high of $113,784.6, driven by strong institutional demand and increasing ETF inflows.
- The cryptocurrency market experienced a boost, with altcoins like Dogecoin, Ethereum, Ripple, and Solana also posting significant gains.
- Investors are closely monitoring upcoming regulatory discussions in the U.S. Congress that could impact the future of digital assets.
- The Federal Reserve's anticipated rate cut and the upcoming options expiration on July 25 may contribute to short-term market volatility.
Bitcoin (BTC) surged to a new all-time high of $113,784.6 on Wednesday, surpassing its previous record of $111,999 set on May 22.
The rally is being fueled by strong institutional demand, increasing ETF inflows, and a broader market shift toward digital assets.
On Thursday, Bitcoin was up another 4.2%, trading around $113,736 on Binance, even as renewed U.S. tariff tensions dampened broader investor sentiment. Bitcoin’s surge helped lift the entire crypto market, with altcoins posting solid gains:
Rising political and regulatory pressure
A key turning point occurred on June 29, when BTC broke above a major resistance level, signaling a broader bullish trend for the overall crypto market, including Ethereum, Ripple, and Solana. The next major event to watch is the options expiration on July 25, which could increase short-term volatility.
“Bitcoin is becoming increasingly hard to ignore,” noted one strategist. “With a market cap representing roughly 60% of the $3.4 trillion crypto space, it’s now a critical asset for capital allocators.”
Regulatory Week Looms in the U.S.
Investors are also watching the Federal Reserve closely. The minutes from its latest meeting, released Wednesday, reinforced expectations of a rate cut later this year, especially after recent dovish comments by Fed Chair Jerome Powell.
Meanwhile, anticipation is building for the so-called “Crypto Week” in the U.S. Congress, beginning July 14, where lawmakers will debate three landmark bills:
- The CLARITY Act, defining which digital assets are securities or commodities
- The Anti-CBDC Act, aiming to block a centrally controlled digital dollar
- The GENIUS Act, establishing stricter oversight for stablecoins
These bills could set a precedent for digital asset regulation and privacy protections, shaping the future of the crypto sector in the U.S. and beyond.
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