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Economic Times
4 days ago
- Business
- Economic Times
Bitcoin climbs to all-time high of $124,000 as investors snap up riskier assets
Bitcoin hit a record high Wednesday, moving in lockstep with a rally in US equities as investors pushed deeper into risk-taking territory across world markets. ADVERTISEMENT The cryptocurrency rose past $123,500 on Wednesday evening in New York, topping the previous all-time high of $123,205.12 reached on July 14. The original crypto token was trading at $124,000 in Singapore at 8:38 a.m. Thursday. The milestone came soon after the S&P 500 closed at its own record for a second consecutive session, extending a summer run that has carried the benchmark to repeated highs. Bitcoin has been steadily rising for most of the past year as a result of the friendly legislative climate in Washington ushered in by President Donald Trump. Public companies, led by Michael Saylor's Strategy, have boosted the demand by following an increasingly popular corporate tactic of stockpiling the original cryptocurrency. The playbook has recently spread to smaller competitors, like Ether, leading to a broad rise across digital assets. Bitcoin's market cap rose to around $2.5 trillion and Ether's to nearly $575 billion, with both tokens holding about 70% of all crypto traded, according to coordinated move underscores how speculative market corners and mainstream benchmarks are drawing from the same well of optimism. US inflation data landed in line with expectations this week — and strengthened bets the Federal Reserve will cut interest rates in September, easing financial conditions and encouraging capital to flow from blue-chip equities to volatile digital tokens.'Crypto has been positively correlated to equities with the relationship stronger for ETH than BTC,' said Chris Newhouse, director of research at Ergonia. 'General sentiment looks positive.' ADVERTISEMENT Ether's rise has been propelled by sustained demand from newly active treasury firms, while Bitcoin's steadier climb has leaned on persistent exchange-traded inflows even as it has faced technical resistance. Unlock 500+ Stock Recos on App 'The combination of moderating inflation, growing expectations for rate cuts, and unprecedented institutional participation through ETFs has created a powerful tailwind,' said Ben Kurland, CEO at crypto research platform DYOR. 'What's different this time is the maturity of the demand base — this rally isn't just retail euphoria, it's structural buying from asset managers, corporates and sovereigns.' (You can now subscribe to our ETMarkets WhatsApp channel)
Yahoo
16-05-2025
- Business
- Yahoo
Trump plans to crack trade deals with select nations, markets respond
Bitcoin price has been flirting around $104,000 on Friday, May 16 as US President Donald Trump disclosed his tariff plans during the final leg of his ongoing visit to the UAE. Bitcoin's price rise managed to pull out majority altcoins out of their slumbers into the profit zone. The overall market cap of the sector showed fluctuations in the last 24 hours to claim the valuation of $3.4 Trillion as per United States plans to independently set new tariff rates on many trading partners as per President Donald Trump's plans. In the next two to three weeks, new tariffs will be imposed by the US on "many countries". President Trump revealed the information in a meeting with business executives in the UAE on Friday, Financial Times reported. He noted that there are over '150 countries' looking for trade deals, but cracking agreements with each one of them is not feasible. Marking the liberation day on April 2, Trump's administration has introduced a plethora of tariffs, most of which have been now scaled back to 10 percent for a short 90-day period. The US has also struck a deal with the UK this month for tariff relief on products like cars and steel. The nation is actively engaged in critical trade discussions with several nations, seeking to boost its domestic industrial growth with global partnerships. India is also nearing the final stages of an agreement on technology-related goods. Meanwhile, China has agreed to incremental tariff cuts, aimed at reducing trade tensions without compromising its national interests. Among highlights from Trump's UAE visit, he discussed new trade agreements with the emirates, focusing on defense, energy, and infrastructure sectors. The Trump family has been creating headlines from the UAE consistently these recent weeks. Last month, President Trump's son, Eric, reached Dubai for the Token2049 event. He disclosed that Trump-backed USD1 stablecoin will be used to settle MGX's purchase of a minority stake in Binance. As per Binance founder Changpeng Zhao, this transaction of $2 billion via USD1 will make for the largest ever conducted through a crypto token. Sign in to access your portfolio
