Bitcoin Price Today: World's largest crypto extends bullish rally to hit record high of $1,11,000 amid US optimism
Bitcoin's outperformance relative to smaller cryptocurrencies is widening. An index that tracks so-called altcoins is down about 40% year-to-date, while Bitcoin is up 18% so far in 2025.
A group of 12 US Bitcoin exchange-traded funds have drawn strong inflows, with investors pouring in about $4.2 billion so far in May. In options markets, traders built eye-catching Bitcoin positions earlier this week with the $110,000, $120,000 and $300,000 calls expiring on June 27 logging the most open interest — or number of outstanding contracts — on Deribit, the derivatives exchange.
Bitcoin surpassed $111,000 for the first time, with traders increasingly bullish on the prospects of the original cryptocurrency amid mounting institutional demand and support from Donald Trump's administration.
Bitcoin climbed as much as 3.3% on Thursday to hit a record of $111,878, and traded just below $111,000 at 6:15 a.m. in New York. Smaller tokens also rose in a broad rally, with second-ranked Ether at one point up about 7.3%.
A wave of optimism is buoying Bitcoin after the advancement of a key stablecoin bill in the US senate fueled hopes of greater regulatory clarity for digital-asset firms under President Trump, who is avowedly pro-crypto. Surging demand from Michael Saylor's Strategy — which has stockpiled over $50 billion worth of Bitcoin — and a growing list of token hoarders is another driving force behind the rally.
Bitcoin earlier rose to its highest level on record on Wednesday, eclipsing the previous high from January, as risk sentiment continues to improve after last month's tariff-induced selloff.
Its ascent was driven by a combination of factors including easing trade tension between the United States and China and Moody's downgrade of U.S. sovereign debt which has prompted investors to seek alternative investment sources to the dollar.
Coinbase said on Monday the U.S. Department of Justice has opened a probe into a recent data breach at the company.
"We're still in year four of the bitcoin price cycle - the year after the bitcoin halving when miner rewards are slashed in half - which historically means its best days are still ahead of it and - while macro uncertainty and the threat of further volatility remains, a target of $150,000 in 2025 is still very much on the cards," Trenchev said.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
35 minutes ago
- Indian Express
Spurned by Trump? Global universities now wooing foreign students as US administration ratchets up pressure
Universities around the world are stepping in to welcome students affected by US President Donald Trump's recent actions against academic institutions. They are aiming to attract students, researchers and part of the international education market that has long been a major source of revenue for the United States. Osaka University in Japan is offering support for those looking to move from US universities. This includes waiving tuition fees, providing research funding and helping with travel arrangements. 'We see this as a loss for all of humanity,' said Masaru Ishii, dean of the graduate school of medicine at Osaka University, according to Reuters. Other universities in Japan, including Kyoto and Tokyo, are also exploring similar offers. In China, Xi'an Jiaotong University is actively encouraging students from US institutions such as Harvard to consider transferring. It has promised simplified admissions and full support for those who move. Hong Kong's government has told its universities to attract skilled students and researchers from the US as well. The move comes after President Trump's administration made cuts to research funding, limited visas—especially for Chinese students and proposed higher taxes on top universities. Last week, the US government revoked Harvard University's ability to enrol foreign students, although a court later overturned that decision. According to Jessica Turner, head of London-based analytics company Quacquarelli Symonds (QS), other countries are quickly trying to fill the gap. 'Germany, France and Ireland are becoming more attractive options in Europe,' she told Reuters. 'In Asia-Pacific, students are also looking at New Zealand, Singapore, Hong Kong, South Korea, Japan and mainland China.' The crackdown has hit Chinese students particularly hard. US Secretary of State Marco Rubio said the government would 'aggressively' tighten visa rules for Chinese nationals. There are over 275,000 Chinese students currently enrolled in US universities. Their presence contributes significantly to university income and helps feed talent into US tech firms. In 2023, international students—mostly from India and China added more than $50 billion to the US economy, according to the US Department of Commerce. Many students are now rethinking their plans, just as the academic year nears. Dai, a 25-year-old student from Chengdu, told Reuters she may now choose to study in Britain instead of the US. 'The various policies (by the US government) were a slap in my face,' she said, asking to be identified only by her surname. 'I'm thinking about my mental health and it's possible that I indeed change schools.' Students from the UK and the European Union are also becoming more hesitant about studying in the United States. Tom Moon, deputy head of Oxbridge Applications, a consultancy that supports university applicants, said his firm had been contacted by international students in the US who want to transfer to Canada, the UK or Europe. He said a recent survey found that 54% of clients were now 'less likely' to study in the US compared to earlier in the year. British universities have reported more interest from students currently in the US, according to Universities UK, a group that promotes British institutions. But it's still too early to tell whether this will result in more actual enrolments. Some students, like 18-year-old Canadian Ella Ricketts, are worried about the financial cost of transferring. She currently studies at Harvard on a scholarship. 'When I applied, the only university I considered in Europe was Oxford,' she said. 'But I realised I wouldn't be able to afford the international fees and there weren't enough scholarships or aid available.' If she can't stay at Harvard, she said she would probably apply to the University of Toronto. Interest in US universities appears to be dropping. QS reported that visits to its 'Study in America' online guide had fallen by 17.6% over the past year, with interest from India down by more than half. 'Enrolment trends usually take six to 18 months to become clear,' Turner said. 'But reputational damage lasts longer, especially when students are unsure about visas and work opportunities.' Caleb Thompson, a 20-year-old Harvard student from the US, told Reuters that international students bring value to American universities. 'If America turns these brilliant and talented students away, they will find other places to work and study,' he said.
Deccan Herald
41 minutes ago
- Deccan Herald
'So much for being Mr. Nice Guy': Trump says China has 'totally violated' tariff agreement with US
US trade talks with China were 'a bit stalled' and getting a deal over the finish line will likely need the direct involvement of President Donald Trump and Chinese President Xi Jinping, US Treasury Secretary Scott Bessent told Fox News on Thursday.
Hindustan Times
42 minutes ago
- Hindustan Times
Why is the crypto market down today? Explained
The cryptocurrency market on Friday experienced a significant decline, with a 61 billion dollar dip in total market capitalisation, partially due to new restrictions imposed by China on private cryptocurrency holdings. China has imposed a fresh ban on cryptocurrency holdings according to a report by Binance. The Chinese government has not only banned trading or mining of cryptocurrencies, but even individual ownership of digital assets like Bitcoin. Although the current situation is challenging, analysts expect that downward pressure will ease soon, says InvestX, a cryptocurrency and finance related website. Also Read: Crypto investor tortures Italian man for Bitcoin password in $30,000-a-month NYC apartment The move by China has led to a general decrease in investor optimism and has caused panic selling that caused a drop in the markets. China has had a hardline approach to cryptocurrency in order to promote the use of the state-backed digital yuan. With the ban on private crypto holdings, Beijing is tightening its grip on financial flows, potentially accelerating the adoption of its central bank digital currency (CBDC). Also Read: Who is John Woeltz? $100M crypto king kidnaps, tortures Italian man for Bitcoin password in NYC before dramatic escape Meanwhile, the Trump administration's decision to favour tax cuts and lower tariffs have the potential to kick off another speculative frenzy in markets, reported Reuters, citing Bank of America. This US economic strategy could incentivize traders to ditch bonds and start buying back into artificial intelligence and crypto trades, which would risk inflating a market 'bubble." US vice president JD Vance has advocated for the use of Bitcoin and other cryptocurrencies in order to build on its strategic advantages against China. During a Bitcoin Conference in Las Vegas, Vance applauded President Donald Trump's executive order in March that created a strategic bitcoin reserve with tokens already owned by the government.
