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Bitcoin falls below $117,000 after Trump crypto bills are blocked before vote
Bitcoin falls below $117,000 after Trump crypto bills are blocked before vote

CNBC

time7 hours ago

  • Business
  • CNBC

Bitcoin falls below $117,000 after Trump crypto bills are blocked before vote

Bitcoin fell below the $117,000 level on Tuesday after cryptocurrency-related bills were blocked in the House of Representatives. The price of bitcoin was last down 2.8% at $116,516.00, according to Coin Metrics. That marks a pullback from the day's high of $120,481.86. The drop comes on the heels of multiple crypto-related bills failing to overcome a procedural hurdle in the House, with 13 Republicans voting with Democrats to block the motion in a 196-223 vote. In recent days, bitcoin has been trading at all-time highs, spurred by institutional buying of bitcoin exchange-traded funds (ETFs) amid rising optimism that Congress would soon pass crypto legislation. Stocks linked to crypto also came under pressure in late afternoon trading. Shares of bitcoin miners Riot Platforms and Mara Holdings closed down 3.3% and 2.3%, respectively. Others like crypto trading platforms Coinbase slid 1.5%. All were under pressure in extended trading.

Bitcoin exceeds $120,000 before House 'Crypto Week'
Bitcoin exceeds $120,000 before House 'Crypto Week'

UPI

time2 days ago

  • Business
  • UPI

Bitcoin exceeds $120,000 before House 'Crypto Week'

Bitcoin hit a new milestone, exceeding past 120,000 on Monday as the House of Representatives addressed crypto related legislation. Photo by John Angelillo/UPI | License Photo July 14 (UPI) -- Bitcoin was trading above $120,000 on Monday as U.S. lawmakers were set to consider a series of crypto-related bills. As of 6:20 a.m. EDT, Bitcoin was trading at $121,921, according to data from Coin Metrics. "We believe that Bitcoin's surge is driven by longer-term institutional buyers and this will propel it to $125k in the next month or two," Jeff Mei, chief operating officer at cryptocurrency exchange BTSE, said in a statement. The U.S. The House of Representatives was set to begin looking at a trio potential laws this week, which it dubbed "Crypto Week." The legislation aims to regulate stablecoins, shifting crypto jurisdiction to the Commodity Futures Trading Commission and outlawing a Fed-issued central bank digital currency. "The mood in Washington has turned risk-on at least for digital assets as lawmakers load the legislative order book with three pro-crypto bills under the banner of 'Crypto Week,'" said Stephen Innes, of SPI Asset Management. "Like a breakout trade that's waited months for a clean catalyst, the industry is hoping this is the moment crypto sheds its legal ambiguity and steps onto firmer regulatory ground. But even the cleanest chart can turn into a bull trap if momentum stalls."

Bitcoin hits new record high: Crypto coin soars in value to over $180,000 fuelled by ETFs
Bitcoin hits new record high: Crypto coin soars in value to over $180,000 fuelled by ETFs

West Australian

time2 days ago

  • Business
  • West Australian

Bitcoin hits new record high: Crypto coin soars in value to over $180,000 fuelled by ETFs

Bitcoin extended a rally to rise to a new record above $US120,000 ($182,000) Monday, fuelled by a rally in bitcoin ETFs. The price of the largest cryptocurrency by market capitalisation briefly topped $US121,249.90, according to data from Coin Metrics. The rally has seen bitcoin reach new highs amid more inflows into bitcoin ETFs. On Thursday, bitcoin ETFs had logged their biggest day of inflows in 2025 at $US1.18 billion. 'We believe that Bitcoin's surge is driven by longer-term institutional buyers and this will propel it to $1US25k in the next month or two,' Jeff Mei, chief operating officer at cryptocurrency exchange BTSE, said in a statement sent to CNBC. 'Trump's trade disputes with the likes of the EU, Mexico, and other trading partners could cause dips in the week ahead, but it's likely that Bitcoin's institutional buyers are discounting this risk and maintaining their positions that Bitcoin will still appreciate in the long run,' he added. Investors have been anticipating bitcoin to hit new records this year as corporate treasuries accelerate their bitcoin buying sprees and US Congress nears the passing of new crypto legislation. The US House of Representatives will begin deliberating on a series of crypto bills on Monday aimed at providing a clearer regulatory framework for the digital asset industry. The policy had been long sought by the industry, and is supported by US President Donald Trump, who has branded himself as a pro-crypto President and is involved in several crypto ventures.

Bitcoin hits new all-time highs as it crosses past $120,000, fueled by ETF inflows
Bitcoin hits new all-time highs as it crosses past $120,000, fueled by ETF inflows

CNBC

time2 days ago

  • Business
  • CNBC

Bitcoin hits new all-time highs as it crosses past $120,000, fueled by ETF inflows

Bitcoin extended a rally to rise to a new record above $120,000 Monday, fueled by a rally in bitcoin ETFs. The price of the largest cryptocurrency by market capitalization briefly topped $121,249.90, according to data from Coin Metrics. The rally has seen bitcoin reach new highs amid more inflows into bitcoin ETFs. On Thursday, bitcoin ETFs had logged their biggest day of inflows in 2025 at $1.18 billion. Investors have been anticipating bitcoin to hit new records this year as corporate treasuries accelerate their bitcoin buying sprees and U.S. Congress nears the passing of new crypto legislation.

Bitcoin flies to new all-time highs, topping $118,000 as institutions pile into ETFs
Bitcoin flies to new all-time highs, topping $118,000 as institutions pile into ETFs

CNBC

time5 days ago

  • Business
  • CNBC

Bitcoin flies to new all-time highs, topping $118,000 as institutions pile into ETFs

Bitcoin extended its rally on Friday, rising to new records overnight after bitcoin ETFs saw their biggest day of inflows of the year. The price of the flagship cryptocurrency was last higher by 4% at $118,396.01, according to Coin Metrics. Earlier, it rose as high as $118,872.85. Ether rose nearly 7% to trade back above the $3,000 level for the first time since February. On Thursday, bitcoin ETFs logged their biggest day of inflows of 2025 at $1.18 billion. Ether ETFs recorded their second-biggest day of inflows ever at $383.1 million, according to SoSoValue. The rally began more slowly on Wednesday, following the release of the minutes of the latest Federal Reserve meeting, which showed a divergence among officials about how aggressively they would be willing to cut interest rates. Bitcoin, also helped by a rally in tech stocks, ran up into the close, reaching its first new record since May 22. "That's when we started to really take out the top range," said Markus Thielen, CEO of 10x Research. "It's expected that whoever comes in to lead the Fed next is going to be dovish. We also know, that saving the budget deficit has sort of been pushed under the rug," he added, nodding to the "One Big Beautiful Bill Act," which is expected to increase the federal deficit – and which can be a positive catalyst for bitcoin. Fed independence has been a theme for institutions going back to about April 17. That's when inflows into bitcoin ETFs ramped up, and when President Donald Trump hinted that the "termination" of Federal Reserve Chair Jerome Powell could be necessary given the central bank's stance on interest rates. Since then, inflows have grown to nearly $16 billion. This week's move higher triggered a big wave of short liquidations. In the past 24 hours, bitcoin has seen more than $650 million in short liquidations and ether more than $215 million. When traders use leverage to short bitcoin and the cryptocurrency's price rises, they buy bitcoin back from the market to close their positions, which pushes the price up and causes more positions to be liquidated. For the week, bitcoin is on track for a nearly 10% gain, while ether is up more than 20%.

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