Bitcoin climbs to record $123,000 as U.S. to debate crypto rules
Bitcoin scaled a record high of $123,153.22 before pulling back slightly to trade 2.4 per cent higher around $122,000.
Later in the day, the U.S. House of Representatives will debate a series of bills to provide the digital asset industry with the nation's regulatory framework it has long demanded.
Those demands have resonated with U.S. President Donald Trump, who has called himself the 'crypto president' and urged policymakers to revamp rules in favor of the industry.
'It's riding a number of tailwinds at the moment,' said IG market analyst Tony Sycamore, citing strong institutional demand, expectations of further gains and support from Trump as reasons for the bullishness.
'It's been a very, very, strong move over the past six or seven days and it's hard to see where it stops now. It looks like it can easily have a look at the $125,000 level,' he said.
The surge in bitcoin, which is up 30 per cent so far this year, has sparked a broader rally across other cryptocurrencies over the past few sessions even in the face of Trump's chaotic tariff policies.
Ether, the second-largest token, scaled a more than five-month peak of $3,059.60, while XRP and Solana gained about three per cent each.
The sector's total market value has swelled to about $3.81 trillion, according to data from CoinMarketCap.
'What we find interesting and are watching closely are the signs that bitcoin is now being seen as a long-term reserve asset, not just by retail investors and institutions but even some central banks,' said Gracie Lin, crypto exchange OKX's Singapore CEO.
'We're also seeing increasing participation from Asia-based investors, including family offices and wealth managers. These are strong signs of bitcoin's role in the global financial system and the structural shift in how it is perceived, suggesting that this isn't just another hype-driven rally,' Lin said.
Earlier this month, Washington declared the week of July 14 as 'crypto week,' during which members of Congress are set to vote on the Genius Act, the Clarity Act, and the Anti-CBDC Surveillance State Act.
The most significant bill is the Genius Act, which would create federal rules for stablecoins.
Elsewhere, prices of crypto stocks and exchange traded funds advanced.
In U.S. premarket trading, shares of crypto exchange Coinbase surged 1.7 per cent, while bitcoin holder Strategy climbed 3.3 per cent. Crypto miner Mara Holdings jumped 4.6 per cent.
Hong Kong listed spot bitcoin ETFs launched by China AMC , Harvest and Bosera all hit record highs.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Toronto Star
26 minutes ago
- Toronto Star
Cabinet to meet Tuesday as Trump says 35% tariff letter is ‘the deal'
U.S. President Donald Trump said on Monday that the letters he sent to Prime Minister Mark Carney and other leaders about new tariff rates are 'the deals', as Carney prepares to meet with his cabinet on tariffs and the trade negotiations. Trump appeared to be losing patience with his administration's efforts to make trade deals with nations around the world. The president has been sending letters to trading partners, including Canada, threatening to impose higher tariff rates on Aug. 1. The letter addressed to Carney last week said Canada would be hit with 35 per cent tariffs but the White House later said it would not include goods compliant with the Canada-U.S.-Mexico Agreement on trade.
CTV News
36 minutes ago
- CTV News
How Trump plans to dismantle the Education Department after Supreme Court ruling
WASHINGTON— The U.S. Supreme Court on Monday cleared the way for the Trump administration to continue unwinding the U.S. Education Department, allowing it to move ahead with mass layoffs and a plan to outsource the department's operations to other agencies. The justices paused a lower court order that had halted nearly 1,400 layoffs and had called into question the legality U.S. President Donald Trump's plan to dismantle the department. Now, Trump and his education secretary, Linda McMahon, are free to execute the layoffs and break up the department's work among other federal agencies. They're expected to move quickly—department lawyers have already previewed the plans in court filings. What happens with student loans, civil rights cases Trump and McMahon have acknowledged only U.S. Congress has authority to close the U.S. Education Department fully, but both have suggested its core functions could be parceled out to different federal agencies. Among the most important decisions is where to put management of federal student loans, a US$1.6 trillion portfolio affecting nearly 43 million borrowers. Trump in March suggested the U.S. Small Business Administration would take on federal student loans, but a June court filing indicated the U.S. Treasury Department is expected to take over the work. The U.S. Education Department said it had been negotiating a contract with Treasury but paused discussions when the court intervened. That work is now expected to proceed in coming days. Under a separate arrangement, nine U.S. Education Department workers already have been detailed to Treasury, according to court filing. The department had also recently struck a deal to outsource the management of several grant programs for workforce training and adult education to the Department of Labor. The U.S. Education Department agreed to send US$2.6 billion to Labor to oversee grants, which are distributed to states to be passed down to schools and colleges. Combining workforce training programs at Education and Labor would 'provide a coordinated federal education and workforce system,' according to the agreement. Additional agreements are expected to follow with other agencies. At her Senate confirmation hearing, McMahon suggested that enforcement of the Individuals with Disabilities Education Act could be handled by the U.S> Department of Health and Human Services. Civil rights work could be managed by the U.S. Justice Department, she said. Laying off staff Trump campaigned on a promise to close the agency, and in March ordered it to be wound down 'to the maximum extent appropriate and permitted by law.' McMahon had already started a dramatic downsizing, laying off about 1,400 workers and declaring 'one final mission' to turn over the agency's power to states. U.S. Education Department employees targeted by the layoffs have been on paid leave since March, according to a union that represents some of the agency's staff. The lower court order had prevented the department from fully terminating them, though none had been allowed to return to work, according to the American Federation of Government Employees Local 252. Without the lower court order, the workers would have been terminated in early June. The Education Department had said earlier in June that it was 'actively assessing how to reintegrate' the employees if courts did not rule in Trump's favor. ___ Collin Binkley, The Associated Press
Toronto Sun
38 minutes ago
- Toronto Sun
EU trade ministers plan countermeasures to Trump's 'unacceptable' 30% tariffs
Published Jul 14, 2025 • Last updated 4 minutes ago • 4 minute read FILE - The European Union flag stands inside the atrium at the European Council building in Brussels, June 17, 2024. Photo by Omar Havana / AP BRUSSELS — EU trade ministers agreed Monday that U.S. President Donald Trump's announcement of 30% tariffs on the European Union was 'absolutely unacceptable,' and they are studying a new set of countermeasures to respond to the move. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account The ministers met Monday in Brussels following Trump's surprise announcement over the weekend of such hefty tariffs, which could have repercussions for governments, companies and consumers on both sides of the Atlantic. The EU is America's biggest business partner and the world's largest trading bloc. Maroš Šefčovič, the EU's trade representative in its talks with the U.S., said after the meeting that it was 'very obvious from the discussions today, the 30% is absolutely unacceptable.' He said that the commission was sharing proposals with the 27 member countries 'for the second list of goods accounting of some 72 billion euros ($84 billion) worth of U.S imports. They will now have a chance to discuss it. This does not exhaust our toolbox and every instrument remains on the table.' Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. Lars Løkke Rasmussen, foreign minister of Denmark, which recently assumed the presidency of the EU, said the ministers vowed to work together in negotiating a trade deal with Washington or agreeing on countermeasures. 'The EU remains ready to react and that includes robust and proportionate countermeasures if required and there was a strong, feeling in the room of unity,' Rasmussen told reporters after the meeting. The tariffs, also announced for Mexico, are set to start on Aug. 1 and could make everything from French cheese and Italian leather goods to German electronics and Spanish pharmaceuticals more expensive in the U.S., and destabilize economies from Portugal to Norway. Meanwhile, Brussels decided to suspend retaliatory tariffs on U.S. goods scheduled to take effect Monday in hopes of reaching a trade deal with the Trump administration by the end of the month. This advertisement has not loaded yet, but your article continues below. The 'countermeasures' by the EU, which negotiates trade deals on behalf of its 27 member countries, will be delayed until Aug. 1. Trump's letter shows 'that we have until the first of August' to negotiate, European Commission President Ursula von der Leyen told reporters in Brussels on Sunday. Maroš Šefčovič, the EU's trade representative in its talks with the U.S., said negotiations would continue Monday. 'I'm absolutely 100% sure that a negotiated solution is much better than the tension which we might have after the 1st of August,' he told reporters in Brussels on Monday. But he added that 'we must be prepared for all outcomes.' 'I cannot imagine walking away without genuine effort. Having said that, the current uncertainty caused by unjustified tariffs cannot persist indefinitely and therefore we must prepare for all outcomes, including, if necessary, well-considered proportionate countermeasures to restore the balance in our transit static relationship.' This advertisement has not loaded yet, but your article continues below. The letters to the EU and Mexico come in the midst of an on-and-off Trump threat to impose tariffs on countries and right an imbalance in trade. Trump imposed tariffs in April on dozens of countries, before pausing them for 90 days to negotiate individual deals. As the three-month grace period ended this week, he began sending tariff letters to leaders, but again has pushed back the implementation day for what he says will be just a few more weeks. If he moves forward with the tariffs, it could have ramifications for nearly every aspect of the global economy. The American Chamber of Commerce in the European Union, an influential industry group representing major American corporations in Europe, said the tariffs could 'generate damaging ripple effects across all sectors of the EU and US economies' and praised the EU's delay of countermeasures. This advertisement has not loaded yet, but your article continues below. In the wake of the new tariffs, European leaders largely closed ranks, calling for unity but also a steady hand to not provoke further acrimony. Just last week, Europe was cautiously optimistic. Officials told reporters on Friday they weren't expecting a letter like the one sent Saturday and that a trade deal was to be inked in 'the coming days.' For months, the EU has broadcast that it has strong retaliatory measures ready if talks fail. Reeling from successive rebukes from Washington, Šefčovič said Monday the EU is 'doubling down on efforts to open new markets' and pointed to a new economic agreement with Indonesia as one. The EU top brass will visit Beijing fora summit later this month while courting other Pacific nations like South Korea, Japan, Vietnam, Singapore, the Philippines, and Indonesia, whose prime minister visited Brussels over the weekend to sign a new economic partnership with the EU. It also has mega-deals in the works with Mexico and a trading bloc of South American nations known as Mercosur, and Šefčovič will meet with his counterpart from the United Arab Emirates next week. While meeting with Indonesia's president on Sunday, Von der Leyen said that 'when economic uncertainty meets geopolitical volatility, partners like us must come closer together.' RECOMMENDED VIDEO Editorial Cartoons NFL Golf NHL World
