Kategorie: Crypto News

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Bitcoin hits record high of $112,055; crypto stocks rally in response

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.

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Donald Trump Jr. backs social media startup aiming to become a crypto powerhouse

  • 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.

The post Donald Trump Jr. backs social media startup aiming to become a crypto powerhouse appeared first on CoinJournal.

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Elon Musk’s tweet reignites interest in Peanut the Squirrel (PNUT) memecoin

  • Elon Musk’s tweet has triggered a sharp rally in Peanut the Squirrel (PNUT) memecoin.
  • PNUT trading volume has also surged over 150% to $273 million.
  • Analysts predict a potential 654% breakout for PNUT.

Elon Musk has once again ignited a crypto market frenzy, this time by reviving interest in an unlikely memecoin, Peanut the Squirrel (PNUT).

A single post on X, formerly Twitter, triggered a sharp rally in the price of the Solana-based token, causing both volume and open interest to surge in a matter of hours.

The coin, previously flying under the radar, soared after Musk made a veiled yet sarcastic remark referencing a controversial incident involving a squirrel named Peanut and a broader jab at US authorities.

The viral tweet by Elon Musk that sent PNUT flying

The sudden spike in PNUT’s price came shortly after Musk posted on X, expressing his frustration that no one from Jeffrey Epstein’s alleged list had been arrested, while also referencing the euthanisation of a squirrel named Peanut.

His mention of Peanut reignited sympathy and outrage from a previous incident during the Biden presidency, when the squirrel was reportedly taken from its owner and put to sleep, sparking widespread backlash and recurring mentions by Musk.

In his latest post, the Tesla and SpaceX CEO once again used the word “Peanut,” a move that historically precedes market reactions among memecoin enthusiasts.

This particular tweet caused the PNUT token to leap over 10%, peaking at $0.235 before slightly pulling back to around $0.2193.

Peanut the Squirrel (PNUT) volume spikes as traders pile in

Speculative interest exploded shortly after Musk’s post, with PNUT’s daily trading volume surging by over 150% to reach $273 million.

This dramatic increase highlights the strong influence Musk continues to wield over digital assets, especially low-cap, narrative-driven tokens.

Open interest in PNUT futures also rose by 14%, hitting $132 million, suggesting that traders are becoming increasingly bullish about the coin’s short-term trajectory.

The trading frenzy comes despite the fact that PNUT has no formal utility, roadmap, or protocol backing — its popularity rests entirely on its meme appeal and Elon Musk’s unpredictable support.

Analyst predicts massive upside potential for PNUT

At the time of writing, Peanut the Squirrel (PNUT) was trading at $0.2193, reflecting a modest gain of 1.3% over the past 24 hours but still far below its all-time high of $2.44 recorded in November 2024.

The coin’s price has fluctuated within a daily range of $0.2128 to $0.2386, with its seven-day range stretching from $0.2104 to $0.2536.

Despite the recent rally, the token remains down more than 90% from its peak, though it has gained over 580% from its all-time low of $0.03187.

While some observers dismissed the rally as another short-lived meme coin bubble, technical analysts have started taking notice of PNUT’s price action.

Crypto analyst Javon Marks shared his outlook on X, projecting a potential 654% rally that could see the token break out toward a target of $1.7907.

According to Marks, key indicators suggest that bullish momentum remains intact, setting the stage for further gains if sentiment holds.

This forecast, though speculative, has attracted fresh attention from retail traders eager to ride the next meme coin wave.

The post Elon Musk’s tweet reignites interest in Peanut the Squirrel (PNUT) memecoin appeared first on CoinJournal.

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South Korea’s crypto reform plans offer tax cuts and funding access to companies

  • The move would give digital asset firms access to tax breaks and state funding.
  • Dunamu paid ₩24 billion in taxes after losing venture status in 2018.
  • Policy is part of President Lee’s pro-crypto economic strategy.

South Korea is moving to formally recognise crypto businesses as venture companies, a decision that could give the industry access to tax relief, government-backed loans, and startup funding for the first time.

The Ministry of SMEs and Startups has introduced a proposal to reclassify virtual asset firms, removing them from a list of restricted industries that includes gambling and nightlife.

If passed, the policy would reverse a long-standing rule that has blocked crypto startups from the country’s thriving venture ecosystem.

This legislative push follows years of regulatory exclusion, with one major flashpoint in 2018. Dunamu, the parent company of crypto exchange Upbit, lost its venture status and was forced to pay ₩24 billion ($18 million) in taxes.

Dunamu challenged the decision in court but lost, highlighting the financial consequences of South Korea’s previous stance.

The ministry now says it wants to acknowledge the innovative and entrepreneurial qualities of crypto companies, bringing them in line with other emerging technology sectors.

New law aligns with Seoul’s broader pro-crypto pivot

The proposal marks a significant departure from previous policy. Until now, crypto-related businesses have been grouped with sectors barred from receiving government support.

The proposed revision would remove virtual asset firms from this restricted category, allowing both new and existing startups to register as venture businesses without risking their certification.

The ministry argues that the new framework will expand South Korea’s venture ecosystem and promote growth in the blockchain and crypto industries.

Public feedback on the draft law is being collected until 18 August 2025, signalling the beginning of a formal legislative process.

If enacted, it would enable crypto firms to access the same support tools—such as tax cuts, subsidies, and loan guarantees—that are currently available to other recognised startups.

The change could also benefit companies that already hold venture status and want to expand into crypto, which previously risked losing their designation if they added digital asset operations to their business models.

President Lee’s crypto policies begin taking shape

The venture company proposal is one of several initiatives under President Lee Jae Myung’s new administration. Since taking office last month, Lee has made digital assets a cornerstone of his economic strategy.

His government is supporting the approval of spot Bitcoin exchange-traded funds (ETFs), exploring a won-based stablecoin, and reviewing the ongoing ban on institutional trading of cryptocurrencies.

Major South Korean banks are already responding. Some have filed trademarks for stablecoin products, while others are working on blockchain infrastructure and digital wallet services.

Industry legitimacy and investment may follow

The proposed legal amendment could have wide-reaching effects beyond tax incentives.

Recognising crypto firms as venture companies may lend credibility to an industry that has long operated on the fringes of formal finance in South Korea.

Greater legitimacy could attract institutional investors, encourage new business formation, and reduce compliance-related friction.

It may also align South Korea with other markets advancing similar policies, such as the European Union’s MiCA framework and Japan’s reforms to allow limited crypto fundraising.

With venture-backed crypto projects potentially gaining access to bank loans and innovation grants, the ecosystem may see accelerated development and a stronger foothold in South Korea’s broader tech economy.

Public submissions on the proposal are currently open, with final decisions expected later this year.

The post South Korea’s crypto reform plans offer tax cuts and funding access to companies appeared first on CoinJournal.

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BONK price up 60% in 7 days: can the meme coin go higher?

  • Exchange net flows remain negative, pointing to continued accumulation.
  • Golden Crossover signal is forming between the 50 and 200-day EMAs.
  • Elder Ray’s Index flips positive, suggesting buyer control.

BONK, the meme coin built on the Solana blockchain, has jumped nearly 60% over the past seven days, driven largely by market sentiment and speculation surrounding potential ETF-related demand.

With BONK breaking out of a long-term technical pattern and momentum indicators flipping bullish, traders are now watching closely to see whether the rally can push past a key resistance level at $0.00002840.

A potential Golden Crossover between two important moving averages is also forming on the daily chart, raising hopes of a sustained breakout if the signal is confirmed.

However, BONK is now trading at $0.00002128, down 5.95% in the last 24 hours.

Bonk price
Source: CoinMarketCap

BONK exits year-long wedge, approaches key resistance

BONK has officially broken out of a falling wedge pattern that has been forming over the last year on the daily timeframe.

The breakout was confirmed when the price surged past $0.00001550, a key level that had previously held the coin in a downward compression between lower highs and flat support.

Currently, BONK is consolidating near $0.00002203. Immediate resistance sits at $0.00002389, with another critical zone between $0.00002577 and $0.00002840.

The absence of strong resistance between $0.00002840 and $0.00003670 makes this zone a potential price vacuum should buyers break above current ceilings.

However, traders remain cautious. A reversal below $0.00001806 could indicate a loss of breakout momentum, while a drop under $0.00001435 would nullify the wedge breakout entirely and bring the previous bearish structure back into focus.

BONK ETF speculation fuels investor interest

Speculation around BONK’s potential inclusion in future crypto ETF portfolios has contributed significantly to the recent price surge.

While no official confirmation has emerged, BONK has re-entered the conversation as institutional interest grows around meme coins and altcoins with high liquidity and community traction.

Social media discussions have been instrumental in amplifying the narrative, with investors pointing to BONK’s strong fundamentals on-chain.

The meme coin’s trading volume has increased in tandem with positive netflows, reflecting growing demand across centralised and decentralised exchanges.

Exchange outflows support bullish supply trend

Data from Arkham shows a prolonged period of negative netflows for BONK over the last year.

This suggests that more tokens are being withdrawn from exchanges than deposited, a typical sign of accumulation.

While the trend has moderated in the last 30 days, it remains negative, indicating neutral-to-bullish positioning.

The reduced exchange supply could play a major role in sustaining upward pressure, particularly if new demand continues to arrive on the back of speculative interest or positive technical developments.

The supply squeeze narrative has gained traction on platforms like X, where some users argue BONK may be gearing up for a sharp move once resistance levels are cleared.

Technical indicators turn bullish for BONK

One of the more significant developments on the BONK chart is the near-confirmation of a Golden Crossover.

This occurs when the 50-day Exponential Moving Average (EMA) crosses above the 200-day EMA, typically considered a bullish signal in technical analysis.

The Elder Ray Index, which measures bull and bear power by comparing price against a moving average, has also flipped into positive territory.

This suggests buyer strength is currently dominant over selling pressure, supporting the idea that bulls have regained control.

At the time of writing, BONK’s structure supports continuation if it can break above $0.00002577 and hold the gains.

Any rally past $0.00002840 would likely open the path to $0.00003670, as the price moves into a zone with few historical resistance points.

However, failure to maintain support above $0.00001806 could signal weakening momentum.

If BONK slides below $0.00001435, it may re-enter the bearish wedge structure it recently broke out from.

The post BONK price up 60% in 7 days: can the meme coin go higher? appeared first on CoinJournal.