Bitcoin Hits Record $123,000 as U.S. Policy Momentum Fuels Rally
Warning! GuruFocus has detected 4 Warning Signs with WPP.
The cryptocurrency later pulled back to trade around $119,745 but remained higher on the day. Market participants are closely watching developments in Washington, where the House of Representatives is expected to vote on a trio of crypto-focused bills: the Genius Act, the Clarity Act, and the Anti-CBDC Surveillance State Act. Among them, the Genius Act would establish a federal framework for stablecoinssomething crypto advocates have sought for years.
U.S. President Donald Trump, who has declared himself the crypto president, has voiced support for policies that favor the digital asset sector. His administrations backing has added momentum to the rally, which analysts say is now being driven by a combination of institutional inflows, regulatory optimism, and favorable political narratives.
Despite rising geopolitical risks and broader market unease driven by trade policy uncertainty, bitcoins surge has stood out. Some analysts, including eToros Simon Peters, point to dollar weakness as another factor contributing to bitcoins USD-denominated breakout, noting that the asset hasnt hit all-time highs in euro terms.
Bitcoins climb continues to underline its role as both a speculative vehicle and a policy-sensitive asset class; this weeks developments in Washington could determine whether the rally continues or runs out of steam.
This article first appeared on GuruFocus.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Insider
44 minutes ago
- Business Insider
Bitget Lists W Coin (W1) for Spot Trading
Bitget, the leading cryptocurrency exchange and Web3 company, has announced the listing of W Coin (W1) in the Innovation and Meme Zone, adding it to spot trading. W Coin is a utility token focused on arbitrage within the stablecoin ecosystem. Trading for the W1/USDT pair will begin on 15 July 2025, 6:00 (UTC), with withdrawals available from 16 July 2025, 7:00 (UTC). W Coin is a utility token designed to optimize arbitrage opportunities within the stablecoin ecosystem, leveraging an on-chain strategy engine to identify and execute trades across decentralized and centralized exchanges. Unlike meme coins or speculative assets, W Coin targets stablecoin liquidity pathways exploiting price discrepancies to generate consistent yields. Its structured on-chain yield network automates these trades, aiming for low-risk returns in a multi-billion stablecoin market that facilitates trillions in annual transactions. Bitget continues to expand its offerings, positioning itself as a leading platform for cryptocurrency trading. The exchange has established a reputation for innovative solutions that empower users to explore crypto within a secure CeDeFi ecosystem. With an extensive selection of over 800 cryptocurrency pairs and a commitment to broaden its offerings to more than 900 trading pairs, Bitget connects users to various ecosystems, including Bitcoin, Ethereum, Solana, Base, and TON. Initially listed on Bitget Onchain, W Coin demonstrated strong performance and community support, earning its spot in the spot market. The addition of W1 into Bitget's portfolio marks a significant step toward expanding its ecosystem by embracing niche communities and fostering innovation in decentralized economies, further solidifying its role as a gateway to diverse Web3 projects and cultural movements. For more details on W Coin, users can visit here. About Bitget Established in 2018, Bitget is the world's leading cryptocurrency exchange and Web3 company. Serving over 120 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a leading non-custodial crypto wallet supporting 130+ blockchains and millions of tokens. It offers multi-chain trading, staking, payments, and direct access to 20,000+ DApps, with advanced swaps and market insights built into a single platform. Bitget is driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World's Top Football League, LALIGA, in EASTERN, SEA and LATAM markets, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency. Aligned with its global impact strategy, Bitget has joined hands with UNICEF to support blockchain education for 1.1 million people by 2027. In the world of motorsports, Bitget is the exclusive cryptocurrency exchange partner of MotoGP, one of the world's most thrilling championships. For more information, users can visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet For media inquiries, users can contact: media@ Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, users can refer to the Terms of Use.
Yahoo
an hour ago
- Yahoo
Bessent no-show, BRICS tensions set to cast shadow over Durban G20 meeting
By Colleen Goko and Kopano Gumbi JOHANNESBURG (Reuters) -Another no-show by U.S. Treasury Secretary Scott Bessent, Donald Trump's tariff threats and rising tensions between Washington and BRICS countries all look set to overshadow this week's meeting of G20 finance chiefs in Durban, South Africa. Several key officials including Bessent skipped February's Cape Town gathering of finance ministers and central banks in the grouping, already raising questions about its ability to tackle pressing global challenges. "I think it's problematic not to have the world's largest economy represented at the table, at least at a senior political level," said Josh Lipsky, chair of international economics at the Atlantic Council. "It raises questions about the G20's long-term viability," said Lipsky, adding that Bessent's absence foreshadowed U.S. plans for a slimmed-down, "back to basics" G20 when it assumes the grouping's rotating presidency next year. Trump has implemented a baseline 10% tariff on all U.S. imports, with punitive rates targeting specific countries and products - including steel and aluminum at 50%, autos at 25%, and threatened levies of up to 200% on pharmaceuticals. Extra tariffs on 25 countries are set to take effect on August 1. His threat to impose further tariffs on BRICS countries adds complexity, given that eight G20 members - including host South Africa - belong to the expanded BRICS grouping. The overlap hints at the emergence of competing forums as Western-led institutions face credibility challenges. "Policy uncertainty is the biggest theme at this point in time," South African Reserve Bank Deputy Governor Fundi Tshazibana told Reuters. The G20 has its origins in past crisis fire-fighting and really took off as countries around the world saw a need to coordinate policies to emerge from the global financial crisis of the late 2000s. "The G20 was built around a presumption that all the world's major economies shared a common interest in a stable, relatively open global economy," said Brad Setser of the Council on Foreign Relations. "But Trump doesn't really care about stability and wants a more closed global economy." 'DIFFICULT SPACE' The Durban gathering of finance chiefs on Thursday and Friday also unfolds against a backdrop of mounting economic pressures, particularly for African economies. Sub-Saharan Africa's external debt has ballooned to $800 billion, or 45% of GDP, according to Goldman Sachs, while traditional funding sources are drying up. Chinese lending has slowed to a trickle after years of expansion, leaving an $80 billion financing gap. "The views that they've expressed are if you negotiate them down before taking the loan, they will go with that," said Trevor Manuel, the former finance minister of South Africa who is leading the Africa Expert Panel of the G20. "But once the loan is made, then they expect a return, and that is embedded in their legislation. So that is one issue that needs a lot of attention," he said. China's Belt and Road Initiative has brought very significant resources to the African continent, "but there are also the offsets," said Manuel. "I think that part of the push going forward is greater transparency, which means that some of the barter arrangements and so on need to be dealt with quite differently." Meanwhile, U.S. and European grants - accounting for 25% of the region's external financing - face cuts as Washington suspends foreign aid and European capitals redirect funds towards defence. "Africa is in a difficult space," said Lumkile Mondi, political commentator at the University of Witwatersrand. "Investment in the continent is going to dwindle because of high levels of indebtedness and low GDP growth, making it less relevant in the current geoeconomics." When it assumed the G20 presidency in December under the motto "Solidarity, Equality, Sustainability", Pretoria had hoped to use the platform to pressure rich countries on climate finance and address the distrust between the global North and South. Instead, it finds itself managing the fallout from aid cuts and tariff wars that directly undermine those goals. As the continent's most developed economy, South Africa faces pressure to champion African interests while navigating great power rivalries. The National Treasury said it was "premature to comment" on specific goals for the gathering, however. Director General of Treasury Duncan Pieterse said in a statement on Monday that they hoped to issue the first Communique under the South African G20 presidency at the end of the meetings. On Monday the G20's financial stability watchdog delivered a new plan on how to tackle climate risks but paused policy work amid a U.S. retreat that has tested efforts to advance a united financial policy on climate-related risks. The U.S. has withdrawn from multiple groups dedicated to exploring how flooding and wildfires and big climate-related policy shifts could impact financial stability.
Yahoo
an hour ago
- Yahoo
Bessent no-show, BRICS tensions set to cast shadow over Durban G20 meeting
By Colleen Goko and Kopano Gumbi JOHANNESBURG (Reuters) -Another no-show by U.S. Treasury Secretary Scott Bessent, Donald Trump's tariff threats and rising tensions between Washington and BRICS countries all look set to overshadow this week's meeting of G20 finance chiefs in Durban, South Africa. Several key officials including Bessent skipped February's Cape Town gathering of finance ministers and central banks in the grouping, already raising questions about its ability to tackle pressing global challenges. "I think it's problematic not to have the world's largest economy represented at the table, at least at a senior political level," said Josh Lipsky, chair of international economics at the Atlantic Council. "It raises questions about the G20's long-term viability," said Lipsky, adding that Bessent's absence foreshadowed U.S. plans for a slimmed-down, "back to basics" G20 when it assumes the grouping's rotating presidency next year. Trump has implemented a baseline 10% tariff on all U.S. imports, with punitive rates targeting specific countries and products - including steel and aluminum at 50%, autos at 25%, and threatened levies of up to 200% on pharmaceuticals. Extra tariffs on 25 countries are set to take effect on August 1. His threat to impose further tariffs on BRICS countries adds complexity, given that eight G20 members - including host South Africa - belong to the expanded BRICS grouping. The overlap hints at the emergence of competing forums as Western-led institutions face credibility challenges. "Policy uncertainty is the biggest theme at this point in time," South African Reserve Bank Deputy Governor Fundi Tshazibana told Reuters. The G20 has its origins in past crisis fire-fighting and really took off as countries around the world saw a need to coordinate policies to emerge from the global financial crisis of the late 2000s. "The G20 was built around a presumption that all the world's major economies shared a common interest in a stable, relatively open global economy," said Brad Setser of the Council on Foreign Relations. "But Trump doesn't really care about stability and wants a more closed global economy." 'DIFFICULT SPACE' The Durban gathering of finance chiefs on Thursday and Friday also unfolds against a backdrop of mounting economic pressures, particularly for African economies. Sub-Saharan Africa's external debt has ballooned to $800 billion, or 45% of GDP, according to Goldman Sachs, while traditional funding sources are drying up. Chinese lending has slowed to a trickle after years of expansion, leaving an $80 billion financing gap. "The views that they've expressed are if you negotiate them down before taking the loan, they will go with that," said Trevor Manuel, the former finance minister of South Africa who is leading the Africa Expert Panel of the G20. "But once the loan is made, then they expect a return, and that is embedded in their legislation. So that is one issue that needs a lot of attention," he said. China's Belt and Road Initiative has brought very significant resources to the African continent, "but there are also the offsets," said Manuel. "I think that part of the push going forward is greater transparency, which means that some of the barter arrangements and so on need to be dealt with quite differently." Meanwhile, U.S. and European grants - accounting for 25% of the region's external financing - face cuts as Washington suspends foreign aid and European capitals redirect funds towards defence. "Africa is in a difficult space," said Lumkile Mondi, political commentator at the University of Witwatersrand. "Investment in the continent is going to dwindle because of high levels of indebtedness and low GDP growth, making it less relevant in the current geoeconomics." When it assumed the G20 presidency in December under the motto "Solidarity, Equality, Sustainability", Pretoria had hoped to use the platform to pressure rich countries on climate finance and address the distrust between the global North and South. Instead, it finds itself managing the fallout from aid cuts and tariff wars that directly undermine those goals. As the continent's most developed economy, South Africa faces pressure to champion African interests while navigating great power rivalries. The National Treasury said it was "premature to comment" on specific goals for the gathering, however. Director General of Treasury Duncan Pieterse said in a statement on Monday that they hoped to issue the first Communique under the South African G20 presidency at the end of the meetings. On Monday the G20's financial stability watchdog delivered a new plan on how to tackle climate risks but paused policy work amid a U.S. retreat that has tested efforts to advance a united financial policy on climate-related risks. The U.S. has withdrawn from multiple groups dedicated to exploring how flooding and wildfires and big climate-related policy shifts could impact financial stability. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
