Bitcoin tops US$118,000 for first time amid broader market rally
Sign up now: Get ST's newsletters delivered to your inbox
Bitcoin is up around 25 per cent in 2025 amid broader rally in risk assets that has also sent stocks to all-time highs.
PHOTO: PIXABAY
Follow topic:
- Bitcoin hit a record high of $116,046.44 on July 10, driven by institutional demand and supportive US policies.
- Trump's administration is friendly towards crypto, with executive orders and appointments favouring digital currencies.
- Trump Media aims to launch a Bitcoin-inclusive crypto ETF, as shown by an SEC filing on July 8, adding to Bitcoin's rise.
AI generated
NEW YORK – Bitcoin options traders are already setting their sights on much higher prices while the original cryptocurrency extends its record-breaking rally for a second day.
Bitcoin continued its run on July 11, climbing as much as 3.9 per cent to around US$118,000. The rally triggered a major unwinding of short positions, with over a billion dollars worth of bets against the token getting liquidated over the past 24 hours, according to data compiled by Coinglass.
Investors also rushed into Bitcoin exchange-traded funds (ETFs), pouring in a net US$1.2 billion (S$1.5 billion) on July 10.
Ether, the second-largest cryptocurrency, jumped as much as 6.4 per cent to US$2,999, driven by strong inflows into its US spot ETFs. Investors added US$383 million across the group of nine funds - the second-highest daily total on record. Open interest for Ether futures offered by CME Group hit a record, indicating growing institutional interest.
Bitcoin’s breakout, fuelled in part by institutional demand, is the latest validation for crypto bulls, who pounced after the November election on bets that the second Trump presidency will usher in a new era of permissive regulation. A Congressional committee declared the week of July 14 as “Crypto Week”.
The biggest digital asset by market value is up around 25 per cent in 2025 amid the broader rally in risk assets that has also sent stocks to all-time highs.
Bullish comments by US President Donald Trump over his Truth Social social media site helped to fuel the optimism on July 10.
The rally is also due in part to expectations of rising demand from a spate of recently launched crypto treasury companies, according to Mr Mauricio Di Bartolomeo, co-founder and chief sales officer of Ledn. The companies are seeking to issue shares or debt to load the digital assets on their balance sheet in a bid to become Bitcoin proxies in the stock market.
“Bitcoin has reached a new all-time high on the back of relentless demand from investors and corporations.” Mr Di Bartolomeo said.
Bitcoin’s historic rise comes even as investors grapple with macro headwinds such as increasing tension due to the looming tariffs set to be imposed by the Trump administration in August.
“Bitcoin is showing why it’s in a class of its own.” said Mr Roshan Roberts, chief executive of trading platform OKX US. “As trade tensions flare and altcoins stumble, institutions are treating BTC as a macro hedge and a maturing asset class. July will test markets, but Bitcoin looks built for it.” BLOOMBERG
