Bitcoin surges to new highs above $118,000 as investors go risk on
The token's price action coincides with AI giant Nvidia's (NVDA) surge to a $4 trillion valuation, highlighting crypto's tie with tech. The tech-heavy Nasdaq Composite (^IXIC) hit a fresh record on Wednesday, and the S&P 500 (^GSPC) was headed that way on Thursday.
"Historically, Bitcoin has remained highly correlated with tech stocks, and this correlation is still playing out," Nic Puckrin, crypto analyst and founder of the Coin Bureau, wrote on Thursday morning.
Read more: Can you buy crypto with a credit card? See the pros and cons.
Year to date, the token is up roughly 21%, buoyed in part by crypto-friendly policies from the Trump administration, including the establishment of a strategic bitcoin reserve and a broader digital asset stockpile.
Over the past two months, bitcoin has traded within a tight $10,000 range — an unusually stable period given its historical volatility.
"If BTC makes a convincing break through the ATH level, then further profit taking can be expected around the $115,000 mark," Puckrin wrote. "Either way, this isn't the big final rally everyone is waiting for, simply a quick release of the pressure that had been building up."
The timing of bitcoin's breakout also comes days before Congress kicks off its highly anticipated "Crypto Week" on July 14. Lawmakers will debate a series of bills that could define the industry's regulatory framework.
"A favorable outcome could accelerate institutional inflows, reinforcing Bitcoin's role as a macro asset and strengthening confidence in compliant crypto platforms," said Jesse Jarvis, CEO of Kaiko, a cryptocurrency market data provider.
The GENIUS Act is among the regulations the House will consider. The bill, which recently passed through the Senate, proposes a federal framework for stablecoins.
Shares of Circle (CRCL), the issuer of stablecoin USDC (USDC-USD), were up roughly 2% on Thursday. The stock is up more than 500% from its June 5 IPO.
Trading platforms Robinhood (HOOD) and Coinbase (COIN) were also higher during Thursday's session.
Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.
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