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Hans India
4 hours ago
- Business
- Hans India
Bitcoin hits record high of $1,21,000
New Delhi: Leadingcryptocurrency Bitcoin surged past the $1,21,000 milestone for the first time on Monday. According to data from CoinMarketCap, the cryptocurrency went up 2.75 per cent at $1,21,097.94 in early trade. Market capitalisation (mcap) of Bitcoin reached at $2.41 trillion, up 2.85 per cent, with trading volumes at $60.69 billion, up 33.12 per cent, the data showed. This year alone, the cryptocurrency has surged more than 29 per cent, according to reports. Ethereum, the second largest cryptocurrency, jumped 3.28 per cent to $3,054.96, with market cap at $368.77 billion and trade volume at $21.62 billion, CoinMarketCap data showed. According to market watchers, Bitcoin's surge is driven by longer-term institutional buyers and this will propel it to $125,000 in the next month or two. 'Institutional demand remains a major driver, with US Bitcoin ETFs surpassing $50 billion in net inflows to date. BlackRock alone holds over $65 billion in BTC, while corporate treasuries continue to accumulate,' said Himanshu Maradiya, Founder and Chairman, CIFDAQ. Optimism is also fuelled by the US President Donald Trump administration's pro-crypto stance pushing for a Strategic Bitcoin Reserve and easing ETF approval norms. 'Macroeconomic shifts like a weaker dollar, rising treasury demand, and sovereign credit downgrades are further positioning BTC as a hedge. With regulatory clarity improving and Coinbase entering the S&P-500, Bitcoin's case as a mainstream asset has never looked stronger,' he added.
Qatar Tribune
9 hours ago
- Business
- Qatar Tribune
Bitcoin tops $123K as US kicks off ‘Crypto Week'
Agencies Bitcoisn crossed the $120,000 for the first time on Monday, marking a new milestone for the world's largest cryptocurrency as investors bet on long-sought policy wins for the industry this week. Bitcoin scaled a record high of $123,153.22 before pulling back slightly to trade 2.4% higher around $122,000. Later in the day, the U.S. House of Representatives will debate a series of bills to provide the digital asset industry with the nation's regulatory framework it has long demanded. Those demands have resonated with U.S. President Donald Trump, who has called himself the 'crypto president' and urged policymakers to revamp rules in favor of the industry. 'It's riding a number of tailwinds at the moment,' said IG market analyst Tony Sycamore, citing strong institutional demand, expectations of further gains and support from Trump as reasons for the bullishness. 'It's been a very, very, strong move over the past six or seven days and it's hard to see where it stops now. It looks like it can easily have a look at the $125,000 level,' he said. The surge in bitcoin, which is up 30% for the year so far, has sparked a broader rally across other cryptocurrencies over the past few sessions, even in the face of Trump's chaotic tariffs. Ether, the second-largest token, scaled a more than five-month high of $3,059.60, while XRP and Solana gained about 3% each. The sector's total market value has swelled to about $3.81 trillion, according to data from CoinMarketCap. 'What we find interesting and are watching closely are the signs that bitcoin is now being seen as a long-term reserve asset, not just by retail investors and institutions but even some central banks,' said Gracie Lin, OKX's Singapore CEO. 'We're also seeing increasing participation from Asia-based investors, including family offices and wealth managers. These are strong signs of bitcoin's role in the global financial system and the structural shift in how it is perceived, suggesting that this isn't just another hype-driven rally.' Earlier this month, Washington declared the week of July 14 as 'Crypto Week,' during which members of Congress are set to vote on the Genius Act, the Clarity Act, and the Anti-CBDC Surveillance State Act. The most significant bill is the 'Genius Act,' which would create federal rules for stablecoins. Elsewhere, prices of crypto stocks and exchange-traded funds (ETFs) advanced. In U.S. premarket trading, shares of crypto exchange Coinbase surged 1.7%, while bitcoin holder Strategy climbed 3.3%. Crypto miner Mara Holdings jumped 4.6%. Hong Kong-listed spot bitcoin ETFs launched by China AMC, Harvest and Bosera all hit record highs.
Japan Today
9 hours ago
- Business
- Japan Today
Bitcoin soars to new all-time high as U.S. lawmakers focus on pro-crypto legislation
By ALAN SUDERMAN Bitcoin continued its rapid climb and hit another all-time high Monday as U.S. lawmakers begin a week focused on passing pro-crypto legislation. Data from CoinMarketCap showed bitcoin climbed above $123,000 early Monday, up from about $108,000 only a week ago. The world's oldest and most popular cryptocurrency is currently the fifth most valuable asset class in the world at $2.4 trillion, giving it a higher market cap than Amazon. The enthusiasm for bitcoin comes as the U.S. House is set to take up several pieces of cryptocurrency-related legislation in what's been dubbed 'crypto week' in Congress. Lawmakers have been under pressure from President Donald Trump and the big-spending crypto lobby to pass legislation quickly. That includes a bill passed last month by the Senate that would regulate a type of cryptocurrency known as stablecoins. The House is also set to take up a cryptocurrency market structure legislation that is far more sweeping. Trump, once a skeptic of the industry, has vowed in his second term to make the U.S. the global capital of crypto. Meanwhile, he and his family have moved aggressively into nearly every corner of the industry: mining operations, billion-dollar bitcoin purchases, a newly minted stablecoin and a Trump-branded meme coin. The crypto industry has rapidly become a major player in Washington after feeling unfairly targeted by the Biden administration. The industry spent huge amounts on last year's elections and has been spending heavily on lobbying and other influence efforts this year. Bitcoin has seen a significant rebound since April, when it briefly dipped below $75,000. Spot bitcoin ETFs are becoming increasingly popular since launching last year and several publicly traded companies have made using debt and stock sales to buy bitcoin their primary business strategy. Created in response to the 2008 financial crisis, bitcoin has taken a highly volatile path to mainstream acceptance. Its backers say the asset is like a 'digital gold' that can act as a hedge against central bank and government malfeasance. Only 21 million bitcoins will ever be created. 'Bitcoin's price is finally catching up to what's been building under the surface,' said Adam Back, CEO of the crypto company Blockstream. 'This is institutional demand aligning with bitcoin's fundamentals, and a fixed supply doing what it was designed to do.' © Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
GMA Network
11 hours ago
- Business
- GMA Network
Bitcoin climbs to record $123,000 as investors eye U.S. policy boost
NEW YORK - Bitcoin vaulted past $120,000 for the first time on Monday, the latest milestone for the world's largest cryptocurrency as investors bet on long-sought policy wins for the industry this week, which has been dubbed "crypto week" by U.S. Republicans. Bitcoin BTC= rose more than 3% to register a record high of $123,153.22 before easing, and was last up 0.5% at $119,750.86. The cryptocurrency is now up more than 27% on the year. The U.S. House of Representatives is set to debate and likely pass a series of crypto-related bills this week. The bills could provide the digital asset industry with the nation's regulatory framework it has long sought. Those demands have resonated with U.S. President Donald Trump, a Republican who has called himself the "crypto president" and urged policymakers to revamp rules in favour of the industry. "It's riding a number of tailwinds at the moment," said IG market analyst Tony Sycamore, citing institutional demand, expectations of further gains and support from Trump as reasons for the bullishness. "It's been a very, very, strong move over the past six or seven days and it's hard to see where it stops now. It looks like it can easily have a look at the $125,000 level," he said. Trump and his family have made a series of forays into cryptocurrencies in the past year, including a new crypto project, World Liberty Financial, and the launch in January of his own meme coin. Last week, crypto entrepreneur Justin Sun, who was already a major investor in the $TRUMP coin, announced that he was buying another $100 million. The White House did not immediately respond to a request for comment on Sun's investment in the president's meme coin. The coin, which hit a high of around $75 in the days after its January launch, fell 3.4% on Monday to $9.45, CoinMarketCap data showed. The surge in bitcoin has sparked a broader rally across other cryptocurrencies over the past few sessions even as Trump's chaotic tariff policies have knocked sentiment in other markets. Ether ETH=, the second-largest token, reached a high of $3,081.94, its highest level since February 2, but is still down more than 10% on the year. XRP XRP= advanced 2.7% after climbing as much as 6.4% on the day. The sector's total market value has swelled to about $3.8 trillion, according to data from CoinMarketCap. Simon Peters, analyst at eToro, noted that bitcoin's price had not hit a record high in other currencies such as the euro, suggesting that dollar weakness was behind some of the rise to a new record on Monday. Crypto Week U.S. Republicans have declared the week of July 14 "crypto week," during which members of Congress are set to vote on the Genius Act, the Clarity Act, and the Anti-CBDC Surveillance State Act. The most significant bill is the Genius Act, which would create federal rules for stablecoins. "Developments around these pieces of crypto legislation could provide a further tailwind to the current rally. We wait to see," eToro's Peters said. Elsewhere, prices of crypto stocks and exchange-traded funds advanced. Shares of crypto exchange Coinbase were up 1.8%, while bitcoin holder Strategy climbed 3.5%. Crypto miner Mara Holdings was up 0.1% in U.S. trading. Analysts at Oppenheimer said they are cautious on Coinbase ahead of its quarterly results scheduled for July 31, but believe a more attractive entry point could happen after the earnings, and increased their price target on the stock to $417 from $395 per share. Hong Kong-listed spot bitcoin ETFs launched by China AMC Harvest and Bosera all hit record highs. — Reuters
Nikkei Asia
11 hours ago
- Business
- Nikkei Asia
Bitcoin soars as hopes rise for Trump's cryptocurrency vision
U.S. presidential candidate Donald Trump speaks in July 2024 at the Bitcoin Conference in Nashville, Tennessee, where he pledges to make America "the crypto capital of the planet and the bitcoin superpower of the world." © Reuters TAKANOBU AIMATSU TOKYO -- Bitcoin surged passed $120,000 for the first time on Monday, riding expectations that Congress will advance legislation that could realize President Donald Trump's vision of making the U.S. a cryptocurrency superpower. Bitcoin briefly reached the $123,000 range in the early hours of Monday. It dipped below $120,000 around midday before passing the mark again in the early afternoon, according to CoinMarketCap.
