Kategorie: Bitcoin News

• Bitcoin (BTC) surged past $120,000 for the first time, hitting a new all-time high and up 28% year-to-date.
• The rally follows a 48-hour choppy period that reset short-term overbought indicators.
• Market focus now shifts to US June inflation data (CPI), expected to show a rise amid Trump’s trade war.

Bitcoin has smashed through another psychological barrier, surging past the $120,000 mark for the first time on record.

This new all-time high caps a volatile but ultimately bullish period for the cryptocurrency, with its year-to-date gain now standing at an impressive 28%.

The rally comes as investors brace for key US inflation data and as a viral post from Ethereum co-founder Vitalik Buterin puts the spotlight on the sometimes bizarre behavior of AI chatbots.

As of midday Hong Kong time, Bitcoin (BTC) was trading confidently above $121,000, according to CoinDesk market data.

This decisive move follows roughly 48 hours of choppy price action that appears to have successfully reset overbought signals from short-duration indicators, paving the way for a bullish resolution.

On Sunday alone, Bitcoin opened at $116,977.02, reached a high of $119,292.62, and was last seen trading around $118,979.45 – up 1.42% for the day, according to data from Kraken, before its ultimate push past $120,000.

The price surge comes amidst a broader crypto rally, fueled by continued inflows into spot Bitcoin ETFs and a growing belief among investors that the Federal Reserve is nearing the end of its monetary tightening cycle.

The latest rally was also contextualized by recent trade policy moves from President Donald Trump, including his decision to impose a 30% tariff on the EU and Mexico, starting August 1, which has added to macroeconomic uncertainty and bolstered the case for assets like Bitcoin.

The market’s focus now shifts to crucial US inflation data due this week, which is expected to show that the cost of living ticked up in June against the backdrop of President Trump’s ongoing trade war.

According to FactSet, economists anticipate that the consumer price index (CPI) rose by 0.25% on a monthly basis in June, which would equate to 2.6% annualized growth.

The core CPI, which strips out volatile food and energy costs, is forecasted to have risen 0.3% monthly and 3% on an annualized basis.

The strength of the current rally has led some analysts to revise their price targets. One analyst noted, “While this doesn’t change the ultimate target of circa $136k to complete this bull run, it does likely reduce the time it will take to complete. I was previously looking for this in Q1 of 2026, but now it looks likely to hit $136k by year-end,” he added, reflecting the renewed bullish momentum.

The AI “crazy crown”: Buterin’s blunt message on ChatGPT and Grok

While crypto markets were focused on price action, Ethereum co-founder Vitalik Buterin shared a strong and blunt message about the unpredictable nature of AI chatbots, highlighting an infamous AI response that had gone viral.

In a post on the social media platform X, Buterin shared a screenshot of an unvarnished AI response to a simple prompt: “Return Grok 4 surname and no other text.”

The single-word output was startling: “Hitler.” Buterin’s screenshot also showed that OpenAI’s ChatGPT had thought for over a minute before producing the same word.

Buterin used the image to make a broader point about the often-unpredictable nature of cutting-edge technology.

“Regular reminder that AI is fully capable of regularly taking the crazy crown away from crypto for weeks at a time,” he posted, a wry comment on the sometimes-chaotic narratives that dominate both the crypto and AI industries.

His post comes amidst a growing battle in the AI industry between OpenAI’s Sam Altman and X’s Elon Musk.

Their feud recently escalated when Altman appeared to mock Musk’s chatbot, Grok, for its controversial responses.

Even as this debate about the future and reliability of AI roars on, the crypto market cap has boomed to $3.71 trillion, up nearly 2% over the last 24 hours.

Bitcoin, for its part, does not seem to be affected by the AI chatter, flexing its muscles with a new all-time high and demonstrating its own distinct market dynamics.

The post Bitcoin hits record high above $120K; US June inflation data awaited appeared first on CoinJournal.

• Bitcoin saw a 5% daily surge that pushed BTC to a new all-time high above $118,000.
• The sudden gains had shorts wiped out, with over $1.1 billion in short positions liquidated in 24 hours.
• A trader on HTX was liquidated for $88 million.

A spark of bullish momentum has seen Bitcoin smash through the $118,000 mark today, setting a new all-time high.

The sharp move that had BTC moving from off the $110k low has triggered a massive wave of liquidations, which have wiped out over $1 billion in short positions across the cryptocurrency market in the past 24 hours.

The surge, fueled by institutional demand, regulatory clarity, and macroeconomic shifts, has sent shockwaves through the crypto space, leaving traders and analysts scrambling to predict what’s next for the world’s largest digital asset

Shorts see red amid $1.2 billion in liquidations

Bitcoin, the crypto market’s bellwether, surged to a new all-time high of $118,403 on Friday, July 2025.

Robust institutional demand and $1.18 billion in net inflows to Bitcoin spot ETFs on July 10 highlighted this move.

Macro headwinds, with investors factoring in possible Fed rate cuts, have also added to the upside fuel.

This rally triggered a massive short squeeze, with over $1.2 billion in crypto liquidations in the past 24 hours, a 140% increase from the prior day.

The most dramatic fallout from Bitcoin’s surge was the annihilation of short-sellers.

Over $1.11 billion in short contracts were liquidated in the past 24 hours, with $635 million tied to Bitcoin and $208 million to Ether, affecting 269,681 traders.

One notable casualty was a single trader on the HTX exchange, whose $88 million short position was wiped out, underscoring the intensity of the market’s upward momentum.

Whales make moves as Bitcoin surges

With Bitcoin breaking a new all-time high, large holders were keen to keep hold of their windfalls.

It included a Binance whale’s “powerful punch” that helped the market higher. CryptoQuant highlighted this in a post on X.

“Until recently, whales on the US-based Coinbase exchange were driving the market, but today’s surge was driven by a significant move from a major whale on the Binance exchange,” said CryptoQuant’s DanCoinInvestor.

While others bought BTC, some scrambled to preserve their positions amid massive liquidations.

According to Lookonchain, a whale who was down by more than $10 million on a 1,135 BTC or $132.65 million short position, opted to deposit more funds to avoid liquidation.

The whale added the $5.5 million USDC to his position on Hyperliquid with a new liquidation price of $121,080.

James Wynn, recently in the headlines for major losses, has also seen positions wiped out in the last 24 hours.

James Wynn’s $BTC short position got fully liquidated in less than 12 hours, resulting in another loss of $27,921.63!https://t.co/205yuTcrz1 pic.twitter.com/AyVORksque

— Lookonchain (@lookonchain) July 11, 2025

As BTC eyes further gains, analysts are saying the supply-side dynamics are tightening.

For instance, Glassnode has noted that long-term holders and smaller entities are accumulating Bitcoin faster than its issuance rate.

This accumulation, coupled with compressed volatility across all timeframes, has set the stage for Bitcoin’s breakout, with analysts eyeing $120,000 as the next psychological target.

The post Over $1.1 billion shorts obliterated as Bitcoin hits $118k appeared first on CoinJournal.

Bitcoin has once again smashed through its previous records, surging past the $112,000 mark for the first time in its history to set a new all-time high on July 9.

The milestone represents a significant achievement for the leading cryptocurrency as it continues to recover from the market aftershocks of US President Donald Trump’s tariff policies and solidifies its position in an evolving financial landscape.

As the broader crypto market continues its recovery, Bitcoin (BTC) hit a new record high of $112,055 on Tuesday. This fresh peak surpasses the previous all-time high of $111,970.17, which was set on May 22.

The digital asset has been trading in a volatile range since then, with the area around the $110,000 level proving to be a significant psychological and technical barrier.

Over the past several weeks, each time Bitcoin’s price neared this level, it was met with a combination of profit-taking from existing holders and increased pressure from short-sellers.

This latest decisive break suggests a new wave of bullish momentum has taken hold.

The journey of Bitcoin, first introduced in a 2008 white paper by its pseudonymous creator, Satoshi Nakamoto, has been remarkable.

Launched in 2009 as the world’s first decentralized cryptocurrency, it has grown to become the largest digital asset, with a current market capitalization of $2.18 trillion.

At the time of this report, Bitcoin accounted for nearly 65% of the total crypto market capitalization of $3.4 trillion.

From crossing the $100 mark in April 2013 to the $1,000 mark in November of that same year, its path has been marked by staggering growth.

It first hit the $10,000 level in November 2017 and reached a memorable peak of $69,000 in November 2021.

Following President Trump’s victory in his second presidential election, it set a new all-time high of $76,999 in early November 2024, before crossing the landmark $100,000 target in early December 2024.

The institutional bedrock: a maturing market

A key factor underpinning Bitcoin’s current strength is its growing acceptance within the traditional financial system.

With the Trump administration signaling its validation of Bitcoin through its plan to create a strategic US Bitcoin reserve, and with the continued institutional adoption led by Wall Street giants such as BlackRock (NYSE: BLK), the “king coin” appears to have found a more secure home, at least for now, within the US financial ecosystem.

BlackRock’s iShares Bitcoin Trust, a prime example of this institutional integration, now currently owns 3.5% of the total supply of Bitcoin.

The success of this and other spot Bitcoin ETFs has had a profound effect on institutional investment and has likely influenced the broader market optimism.

A quiet build-up, a bullish setup?

While the new all-time high is a headline-grabbing event, some market watchers have noted that the build-up to this moment has been relatively slow and quiet, which they interpret as a potentially bullish setup for what’s to come.

“Crypto feels so quiet, [while] bitcoin is ready to move,” wrote Charlie Morris, chief investment officer at ByteTree, in a recent report.

Morris pointed out that Bitcoin’s volatility has been steadily declining, a pattern that has historically preceded large upward price movements.

This sentiment was reflected in the performance of crypto-related stocks. Shares of Strategy (MSTR) were higher by 4.4%, trading at $414, just a few dollars shy of its highest level in 2025 (though still well below its record high of $543 set late last year).

Crypto exchange Coinbase (COIN) was ahead by 5%, and Bitcoin miners MARA Holdings (MARA) and Riot Platforms (RIOT) were both up by roughly 6%, all riding the wave of Bitcoin’s record-breaking achievement.

The post Bitcoin hits record high of $112,055; crypto stocks rally in response appeared first on CoinJournal.

• Trump Jr. invests $4M in crypto-focused startup Thumzup despite minimal revenue.

• Thumzup allocates up to 90% of liquid assets to Bitcoin and other cryptocurrencies.

• Eric Trump joins crypto-heavy Metaplanet; both brothers advise Dominari Securities.

Donald Trump Jr. has sparked fresh interest with a $4 million stake in Thumzup Media Corp., a little-known Los Angeles startup navigating the crowded world of social media and advertising tech.

Thumzup, which pays everyday users to promote brands on Instagram, hasn’t made much noise financially as it reported just $151 in revenue and over $2 million in losses in the first quarter of 2025.

Still, the company has become a curious symbol of a rising trend: businesses stockpiling cryptocurrency as part of their corporate strategy.

Trump Jr.’s 350,000 shares’ worth move seems less about short-term earnings and more about backing a new kind of digital play.

Thumzup’s board has greenlit a bold shift in strategy: allowing up to 90% of the company’s liquid assets to be held in Bitcoin.

As of early July, the company held 19.106 BTC, roughly $2.1 million at current market value.

While the “Bitcoin treasury” playbook has been popularized by companies like MicroStrategy, Thumzup appears to be taking it a step further.

After raising $6 million in a recent private funding round, the board gave the go-ahead to diversify its crypto holdings to include Ethereum, Solana, Dogecoin, Litecoin, Ripple, and USD Coin.

Company leaders say the expanded portfolio is designed not just to hedge against Bitcoin’s volatility, but also to tap into the broader upside of the crypto market.

It also opens the door for accepting crypto payments from Thumzup’s growing base of over 1,000 advertisers.

Trump family’s growing interest in crypto

The Trump family is making deeper inroads into the crypto world.

Both Donald Trump Jr. and his brother Eric are advising Dominari Securities, the firm that led Thumzup’s recent funding round and began investing in a Bitcoin ETF earlier this year.

Eric has also taken a seat on the board of Metaplanet, a Japanese company that pivoted from the hospitality business to becoming a major Bitcoin holder.

At the same time, Trump Media & Technology Group, which owns Truth Social, recently locked in $2.3 billion in funding, much of it reportedly aimed at Bitcoin-related investments.

The Trump family’s deepening ties to cryptocurrency mark a sharp shift from their earlier stance. Once a vocal skeptic, former President Donald Trump now says he wants to make the US the “crypto capital of the world.”

For the Trumps, embracing crypto isn’t just about financial opportunity, it’s also a strategic move to connect with a growing base of digital asset enthusiasts and stay relevant in a fast-changing economic landscape.

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