Bitcoin surges to new all-time high.
Bitcoin reached a new all-time high Wednesday, buoyed by a powerful rally in technology stocks and renewed investor appetite for risk assets.
The world’s largest cryptocurrency climbed as much as 1.9% to reach $112,052.24 just before the closing bell, according to Coin Metrics, eclipsing its previous record set in late May.
The move comes as the broader equity market, led by semiconductor giant Nvidia, notched historic gains.
Nvidia briefly became the first company to touch a $4 trillion market capitalization, helping propel the tech-heavy Nasdaq Composite to a record close.
Investors appeared unfazed by the latest tariff headlines from former President Donald Trump, instead focusing on growth opportunities in both equities and digital assets.
Despite billions pouring into bitcoin exchange-traded funds in recent weeks, the cryptocurrency has largely traded sideways, gaining just 2% over the past month.
Notably, direct bitcoin acquisitions by publicly traded companies outpaced ETF inflows in the second quarter, underscoring a shift in how institutions are gaining exposure to the asset.
Bitcoin’s reputation as “digital gold” has gained traction among institutional investors, but the asset remains closely tied to broader market sentiment. When risk appetite is high and investors pile into growth stocks, bitcoin and other cryptocurrencies often follow suit.
Looking ahead, market participants are eyeing the second half of the year for further milestones. Corporate treasuries are expected to ramp up their bitcoin purchases, and momentum is building in Congress toward passing long-awaited crypto legislation.
“With crypto week approaching in Washington and a wave of optimism heading into the summer, we could see prices leap to $120,000 or beyond by next week,” said Ryan Gorman, chief strategy officer at Uranium Digital, a firm specializing in tokenized uranium markets.
“Bullish sentiment is running high, and with open call interest outpacing puts, traders are clearly betting on continued upward momentum.”
