Bitcoin tops $118,000 for the first time, as the cryptocurrency continues to climb to new heights
Bitcoin has reached yet another all-time high, surpassing $118,000 for the first time on Friday — as a flood of money continues to move into spot bitcoin ETFs, all while U.S. President Donald Trump's crypto-friendly influence makes its way through Washington.
According to data from CoinMarketCap, the going price for bitcoin climbed as high as $118,856 early Friday. It's since fallen closer to $117,300 around 12:30 p.m. ET — but that's still over $7,400 higher than what the world's most popular cryptocurrency was trading at a month ago, and more than double its price this time last year.
Spot bitcoin ETFs opened up cryptocurrency investing more widely after launching last year — and analysts have pointed to record inflows recently. And a soft U.S. dollar and the digital currency friendliness of Trump's administration also has helped to lift the price of bitcoin to unprecedented levels over the past few months.
Last month, the Senate passed legislation that would regulate a form of cryptocurrency known as stablecoins, the first of what the industry hopes will be a wave of bills to bolster its legitimacy and reassure consumers.
Known as the GENIUS Act, the bill would establish guardrails and consumer protections for stablecoins, a type of cryptocurrency typically pegged to the U.S. dollar. The acronym stands for 'Guiding and Establishing National Innovation for U.S. Stablecoins.' And next week, the House of Representatives will be considering this bill as part of Congress' efforts to strengthen the country's crypto position.
The fast-moving legislation comes on the heels of a 2024 campaign cycle in which the crypto industry ranked among the top political spenders in the country.
Trump, once a crypto skeptic, became a major promoter of the industry throughout his presidential run last year — and has since moved to expand his and his family's own crypto empire even further. Earlier this week, Trump Media & Technology Group said it had filed paperwork with the Securities and Exchange Commission seeking approval to launch its 'Crypto Blue Chip ETF' later this year.
Bitcoin's rise also arrives amid a wider backdrop of economic uncertainty, notably the global turmoil spanning from Trump's steep — and at times on-again, off again — new tariffs the president has imposed against key trading partners worldwide.
'Bitcoin has shown resilience this year rebounding in-line with its macro exposures following tariff announcements," Citi analysts wrote in a Friday research insights. But again, they noted that the Trump administration 'has been positive for Bitcoin' overall — and attributed bitcoin's recent rally to overall changes to the outlook of U.S. regulation, as well as investments into spot ETFs.
Bitcoin's backers have often argued that the asset is like a 'digital gold' that can act as a hedge against volatility — but many have remained skeptical of that comparison. Larger market conditions have previously proven also to sway bitcoin's price.
In April, amid a wider selloff following Trump's sweeping 'Liberation Day' tariff announcements, bitcoin briefly dipped below $75,000. That marked the cryptocurrency's lowest price since before Trump's Election Day victory in November.
While bitcoin has since rebounded significantly, it's important for investors to remember that it's still a highly volatile — and relatively new — asset that's seen wild swings in value before. In short, history shows you can lose money in crypto as quickly as you've made it.
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