NEW YORK \u2013 Bitcoin\u00a0options traders are already setting their sights on much higher prices while the original cryptocurrency extends its record-breaking rally for a second day.\u00a0<\/p>\n
Bitcoin continued its run on July 11, climbing as much as 3.9 per cent to around US$118,000. The rally triggered a major unwinding of short positions, with over a billion dollars worth of bets against the token getting liquidated over the past 24 hours, according to data compiled by Coinglass.<\/p>\n
Investors also rushed into Bitcoin exchange-traded funds (ETFs), pouring in a net US$1.2 billion (S$1.5 billion) on July 10.<\/p>\n
Ether, the second-largest cryptocurrency, jumped as much as 6.4 per cent to US$2,999, driven by strong inflows into its US spot ETFs. Investors added US$383 million across the group of nine funds – the second-highest daily total on record. Open interest for Ether futures offered by CME Group hit a record, indicating growing institutional interest.\u00a0<\/p>\n
Bitcoin\u2019s breakout, fuelled in part by institutional demand, is the latest validation for crypto bulls, who pounced after the November election on bets that the second Trump presidency will usher in a new era of permissive regulation. A Congressional committee declared the week of July 14 as \u201cCrypto Week\u201d.<\/p>\n
The biggest digital asset by market value is up around 25 per cent in 2025 amid the broader rally in risk assets that has also sent stocks to all-time highs.<\/p>\n
Bullish comments by US President Donald Trump over his Truth Social social media site helped to fuel the optimism on July 10.\u00a0<\/p>\n
The rally is also due in part to expectations of rising demand from a spate of recently launched crypto treasury companies, according to Mr Mauricio Di Bartolomeo, co-founder and chief sales officer of Ledn. The companies are seeking to issue shares or debt to load the digital assets on their balance sheet in a bid to become\u00a0Bitcoin\u00a0proxies in the stock market.\u00a0<\/p>\n
\u201cBitcoin\u00a0has reached a new all-time high on the back of relentless demand from investors and corporations.\u201d Mr Di Bartolomeo said.\u00a0<\/p>\n
Bitcoin\u2019s historic rise comes even as investors grapple with macro headwinds such as increasing tension due to the looming tariffs set to be imposed by the Trump administration in August.\u00a0<\/p>\n
\u201cBitcoin\u00a0is showing why it\u2019s in a class of its own.\u201d said Mr Roshan Roberts, chief executive of trading platform OKX US. \u201cAs trade tensions flare and altcoins stumble, institutions are treating BTC as a macro hedge and a maturing asset class. July will test markets, but\u00a0Bitcoin\u00a0looks built for it.\u201d BLOOMBERG<\/p>\n
CryptocurrenciesUnited StatesDonald TrumpStock market<\/p>\n","protected":false},"excerpt":{"rendered":"NEW YORK \u2013 Bitcoin\u00a0options traders are already setting their sights on much higher prices while the original cryptocurrency…\n","protected":false},"author":2,"featured_media":4319,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[28,112],"class_list":{"0":"post-4318","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets","8":"tag-business","9":"tag-markets"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/4318","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=4318"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/4318\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/4319"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=4318"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=4318"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=4318"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}