Bitcoin hits fresh all-time high, surges above 116,000 mark

Bitcoin, the world’s largest cryptocurrency, has surged to a new all-time high of $116,046.44 as of 2127 GMT, breaking its previous record of $113,734.64 set earlier in the day. This latest price surge marks an impressive 24 per cent rise in Bitcoin’s value this year, further solidifying its place as a key asset in the financial world. The surge has been powered by robust demand from institutional investors, who have increasingly turned to Bitcoin as a store of value, alongside other digital assets like Ethereum.

The boost comes at a time when broader market sentiment is shifting toward riskier investments, with stocks hitting new highs and bullish sentiment returning to the technology sector. Bitcoin has traded above the $100,000 mark for over 60 consecutive days, further cementing its status as a mainstream investment asset.

Trump’s administration, particularly through its executive orders and supportive policies, has also played a pivotal role in Bitcoin's rise. In March, President Donald Trump signed an executive order to establish a strategic reserve of cryptocurrencies, signalling that the US government is taking a more active role in supporting the digital currency market. In addition, Trump appointed crypto-friendly figures such as SEC Commissioner Paul Atkins and White House AI czar David Sacks, creating a more favourable regulatory environment for the cryptocurrency industry.

Trump’s family businesses eye crypto investments

Trump’s family businesses are also making moves in the cryptocurrency market. Trump Media & Technology Group, the parent company of Truth Social, has expressed interest in launching an exchange-traded fund (ETF) that will invest in multiple cryptocurrencies, including Bitcoin. The firm recently filed a report with the SEC, revealing its plans to bring more institutional capital into the crypto space. This development is particularly noteworthy given that Trump’s family holdings are reportedly substantial investors in Bitcoin and other digital assets.

Earlier this year, Trump Media raised $2.5 billion in cash to fund crypto investments, further highlighting the growing interest in digital currencies within Trump’s business empire. While Trump himself does not hold an official role in the company, his family’s involvement and the substantial backing of the firm in crypto projects signal the former president’s growing belief in the long-term potential of Bitcoin.

Ethereum, the second-largest cryptocurrency, also saw a rise, climbing 3.01 per cent to $2,905.24 as of 2130 GMT. This increase, alongside Bitcoin’s meteoric rise, points to a broader recovery in the cryptocurrency market, with altcoins such as Solana and Dogecoin also posting gains.

Institutional involvement boosts Bitcoin’s legitimacy

The surge in Bitcoin’s price comes as institutional investors continue to show increasing interest in digital currencies. Notably, companies have been on a Bitcoin-buying spree, outpacing inflows into Bitcoin exchange-traded funds (ETFs) during the second quarter. This institutional demand is seen as a key factor in pushing Bitcoin to new heights, as it gives the cryptocurrency more credibility as a legitimate financial asset.

The optimism surrounding Bitcoin also comes on the heels of new stablecoin legislation making its way through Congress, which is expected to further solidify the regulatory framework for digital assets in the US. Investors are now looking ahead to “Crypto Week,” set to kick off on July 14, with many anticipating that this event could fuel further bullish sentiment in the market.

Bitcoin’s latest record highs are seen as a sign that the cryptocurrency market, especially Bitcoin, is here to stay as a core part of the global financial ecosystem. As institutional players and even US president Donald Trump continue to embrace digital currencies, the future of crypto seems brighter than ever.