logo
Bitcoin surges past $123 000 key mark in key milestone

Bitcoin surges past $123 000 key mark in key milestone

IOL News14-07-2025
Bitcoin has surged to an all-time high.
Image: File
Bitcoin surged past the key $123 000 (R2.2 million) per coin mark on Monday morning, hitting a new milestone and doubling its value over the past year.
Nigel Green, the CEO of global financial coal advisory giant deVere Group, said Bitcoin is on track to reach $125 000 in the coming days and predicts support from US President Donald Trump, sweeping regulatory moves in Washington, and accelerating institutional demand converge to drive the cryptocurrency's price to new highs.
'Bitcoin has blasted through $122 000, and all the indicators point to $125 000 in sight this week,' said Green. 'It's being powered by deep political backing, new regulatory clarity, and sustained institutional inflows. This is a powerful combination we haven't seen at this scale before.'
Bitcoin's gains follow a flurry of developments in the US, including President Trump's public positioning as the 'crypto president' and a series of bills scheduled for debate in the House of Representatives this week.
Among them, the Genius Act is expected to create a federal framework for stablecoins - one of the most significant regulatory steps the US has taken to date.
'This is not crypto on the fringe anymore,' said Green.
'This is front and center of US financial policy. Trump is championing it, lawmakers are acting on it, and Wall Street is all-in.'
The renewed drive from Washington is turbocharging optimism in markets already buoyed by record-breaking inflows into US spot Bitcoin ETFs. Major players including BlackRock and Fidelity are continuing to scale up their exposure, sending a powerful signal to both retail and institutional investors.
'Wall Street has crossed the Rubicon,' Green further said. 'The capital is committed. The infrastructure is there. The political will is building. The market is responding exactly as we expected.'
deVere has previously forecast Bitcoin reaching $150 000 within this cycle - a target the firm is now doubling down on.
'The trajectory to $150K is intact, but investors should expect a sharp move to $140K, then a healthy sell-off before we power higher,' said Green.
'Investments of this magnitude don't move in straight lines. They surge, cool, consolidate, then break out again. That's the phase we're entering.'
Bitcoin's surge is also being echoed in related equities, with US-listed crypto miners and ETF-linked stocks substantial gains. Bitcoin's market cap now exceeds $2.3 trillion, reinforcing its grip on the $3.8trl global digital asset space.
'The scale of capital entering the space is rewriting the map,' Nigel Green adds. 'This isn't hype. This is asset reallocation on a global level.'
deVere attributes the current rally not just to speculation, but to fundamental changes in the structure of the market. Recent moves by nation-states, institutional allocators, and regulators are helping to strip away the longstanding barriers to mainstream crypto adoption.
'Once the US locks in a formal framework, we expect others to follow. This is how the tipping point begins,' Green said.
He further said, "The $125K milestone is within reach now, and when it comes, it will confirm what we've been saying: that Bitcoin is not only back, but can be expected to break through every ceiling put in front of it if the momentum continues.'
Luno said the latest surge is driven by several key factors creating strong demand for Bitcoin, including increased institutional buying, positive regulatory developments and technical market forces.
"We're witnessing extraordinary market conditions with Bitcoin breaking through psychological barriers that seemed unimaginable just months ago," said Christo de Wit, country manager for South Africa at Luno.
Several key factors are driving the current rally. Large institutions, investment firms, and corporations continue accumulating Bitcoin through exchange-traded funds (ETFs) and direct purchases, creating sustained upward pressure. A significant $200 million short squeeze has also contributed to the price surge, forcing traders betting against Bitcoin to buy back their positions, amplifying the upward momentum.
"The market dynamics we're seeing today are fundamentally different from previous cycles," explained De Wit. "Institutional participation has matured significantly, and we're seeing reduced selling pressure as fewer bitcoins remain on exchanges, indicating strong holder confidence."
VALR's co-founder and CEO, Farzam Ehsani, said, "While Bitcoin's all-time highs are exciting, what's truly transformative is its promise for humanity: a borderless, politically neutral money that restores financial sovereignty to individuals. It's a potential global reserve currency, free from the manipulation we've seen throughout monetary history. As this vision unfolds, Bitcoin's price will appreciate far beyond current levels, though with drawdowns along the way."
BUSINESS REPORT
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

China urges global consensus on balancing AI development, security
China urges global consensus on balancing AI development, security

eNCA

time6 hours ago

  • eNCA

China urges global consensus on balancing AI development, security

BEIJING - China's Premier Li Qiang warned Saturday that artificial intelligence development must be weighed against the security risks, saying global consensus was urgently needed even as the tech race between Beijing and Washington shows no sign of abating. His remarks came just days after US President Donald Trump unveiled an aggressive low-regulation strategy aimed at cementing US dominance in the fast-moving field, promising to "remove red tape and onerous regulation" that could hinder private sector AI development. Opening the World AI Conference (WAIC) in Shanghai on Saturday, Li emphasised the need for governance and open-source development, announcing the establishment of a Chinese-led body for international AI cooperation. "The risks and challenges brought by artificial intelligence have drawn widespread attention... How to find a balance between development and security urgently requires further consensus from the entire society," the premier said. He gave no further details about the newly announced organisation, though state media later reported "the preliminary consideration" was that it would be headquartered in Shanghai. The organisation would "promote global governance featuring extensive consultation, joint contribution and shared benefits", state news agency Xinhua reported, without elaborating on its set-up or mechanisms. At a time when AI is being integrated across virtually all industries, its uses have raised major questions, including about the spread of misinformation, its impact on employment and the potential loss of technological control. In a speech at WAIC on Saturday, Nobel Prize-winning physicist Geoffrey Hinton compared the situation to keeping "a very cute tiger cub as a pet". To survive, he said, you need to ensure you can train it not to kill you when it grows up. - Pledge to share AI advances - The enormous strides AI technology has made in recent years have seen it move to the forefront of the US-China rivalry. Premier Li said China would "actively promote" the development of open-source AI, adding Beijing was willing to share advances with other countries, particularly developing ones. "If we engage in technological monopolies, controls and blockage, artificial intelligence will become the preserve of a few countries and a few enterprises," he said. Vice Foreign Minister Ma Zhaoxu warned against "unilateralism and protectionism" at a later meeting. Washington has expanded its efforts in recent years to curb exports of state-of-the-art chips to China, concerned that they can be used to advance Beijing's military systems and erode US tech dominance. Li, in his speech, highlighted "insufficient supply of computing power and chips" as a bottleneck to AI progress. China has made AI a pillar of its plans for technological self-reliance, with the government pledging a raft of measures to boost the sector. In January, Chinese startup DeepSeek unveiled an AI model that performed as well as top US systems despite using less powerful chips. - 'Defining test' - In a video message played at the WAIC opening ceremony, UN Secretary-General Antonio Guterres said AI governance would be "a defining test of international cooperation". The ceremony saw the French president's AI envoy, Anne Bouverot, underscore "an urgent need" for global action and for the United Nations to play a "leading role". Bouverot called for a framework "that is open, transparent and effective, giving each and everyone an opportunity to have their views taken into account". Li's speech "posed a clear contrast to the Trump administration's 'America First' view on AI" and the US measures announced this week, said WAIC attendee George Chen, a partner at Washington-based policy consultancy The Asia Group. "The world is now clearly divided into at least three camps: the United States and its allies, China (and perhaps many Belt and Road or Global South countries), and the EU -- which prefers regulating AI through legislation, like the EU AI Act," Chen told AFP. At an AI summit in Paris in February, 58 countries including China, France and India -- as well as the European Union and African Union Commission -- called for enhanced coordination on AI governance. But the United States warned against "excessive regulation", and alongside the United Kingdom, refused to sign the summit's appeal for an "open", "inclusive" and "ethical" AI.

Crypto Revolution: From scepticism to strategic adoption
Crypto Revolution: From scepticism to strategic adoption

IOL News

time9 hours ago

  • IOL News

Crypto Revolution: From scepticism to strategic adoption

Sebaga Manyeula is a recognised Key Opinion Leader in Africa's fintech and digital assets space. Image: Supplied THE South African crypto landscape is shifting, slowly but undeniably. While institutional and regulatory frameworks inch forward, what remains most fascinating is the response of the average consumer, particularly those who, just a few years ago, viewed crypto with caution, suspicion, or outright dismissal. From my engagement with clients and retail participants across various income brackets and investment levels, a clear distinction has emerged: those who positioned themselves early — even modestly — into well-selected crypto instruments are enjoying measurable gains, increased financial literacy, and in many cases, the freedom to navigate new economic realities. They did not wait for the chaos to clear. They took the risk and reaped the benefit. By contrast, many who delayed engagement now find themselves playing catch-up in a market that has matured beyond 'what is Bitcoin?' conversations. Their hesitancy was justified — often shaped by misinformation, regulatory ambiguity, or past financial traumas — but it has, in some cases, cost them opportunity. Despite this divide, we are now seeing a faster adoption curve emerging. Consumers are no longer just curious — they are strategically positioning themselves, asking better questions, and seeking regulated access points. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ Key drivers of this growth include: Load shedding's economic pressure, prompting alternative income exploration; Younger tech-savvy generations bringing crypto into family financial discussions; Cross-border remittances and inflation hedging via stablecoins; And importantly, the rise of regulated platforms that offer a sense of safety and compliance. Looking ahead, South Africa's crypto ecosystem will evolve in these ways: Mainstream integration: Crypto will become a standard offering in fintech apps, payment solutions, and even traditional banking portfolios, especially once clear FSCA-backed product structures are widely accepted. Crypto will become a standard offering in fintech apps, payment solutions, and even traditional banking portfolios, especially once clear FSCA-backed product structures are widely accepted. Increased regulatory trust: As frameworks mature (notably CASP licensing and cross-border tax alignment), more traditional investors will cautiously step into the space. As frameworks mature (notably CASP licensing and cross-border tax alignment), more traditional investors will cautiously step into the space. Tokenisation of real assets: Property, commodities, and even social impact projects will be tokenised, attracting investors who want tangible returns and community engagement. Property, commodities, and even social impact projects will be tokenised, attracting investors who want tangible returns and community engagement. Retail vs chaotic: Existing clients who embrace structured platforms and education will thrive. Those who continue to engage in pump-and-dump groups, unlicensed schemes, or speculative meme coins will face inevitable losses, reinforcing the divide between disciplined adopters and chaotic chasers. My encouragement is this: the crypto wave is not a passing trend. It's a transformation of how we view value, move money, and build wealth. As someone who's had the privilege of walking alongside both the sceptical and the bold, I can confidently say that the joy belongs to those who leaned in early, cautiously, yes, but purposefully. Now, as South Africans, we must graduate from fear-driven scepticism to informed participation. Crypto is no longer the fringe. It is fast becoming the foundation. * Sebaga Manyeula is a recognised Key Opinion Leader in Africa's fintech and digital assets space. A passionate advocate for financial inclusion, she is also the founding patron of the Give to Live Foundation, which supports abused women and children across Africa. ** The views expressed here do not reflect those of the Sunday Independent, IOL, or Independent Media. Get the real story on the go: Follow the Sunday Independent on WhatsApp.

Cashbuild share price drops despite fourth quarter revenue growth
Cashbuild share price drops despite fourth quarter revenue growth

IOL News

time15 hours ago

  • IOL News

Cashbuild share price drops despite fourth quarter revenue growth

Cashbuild reported single digit revenue growth from its building and related materials and product stores in the fourth quarter to July 2025.. Image: Supplied The share price of Cashbuild, the JSE-listed building materials and related products retail group, fell by 2.25% on Friday after it announced a 4% increase in revenue for the fourth quarter ending June 30. In an operational update, the group noted that revenue growth was 3% when compared with the 304 stores that were in existence before July 2023. Revenue from 14 new stores opened by July 2025 contributed 1% to the growth. The share price closed at R139 on Friday, which is approximately 17.8% lower than at the same time last year. For the financial year, revenue for the group increased by 5%. Transactions through the tills during the fourth quarter rose by 6% compared to the same period last year, with existing stores contributing a 5% increase and new stores accounting for a 1% rise. Selling inflation was recorded at 1.7% at the end of June 2025 compared to June 2024. The group's South African stores accounted for 82% of total sales. During the fourth quarter, three new stores were opened, and a total of eight were opened over the full year. Four stores were closed in the fourth quarter, bringing the total closures for the year to 12: 11 P&L Hardware stores and one Cashbuild store. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Additionally, the group refurbished 10 stores and upgraded 26 stores over the year, resulting in a total of 318 stores trading at the year-end. In April, Cashbuild announced plans to acquire 60% of Allbuildco Holdings for R93 million, with the acquisition to be funded through cash reserves and existing overdraft facilities. 'Cashbuild believes that Allbuildco will provide the growth platform to target a customer base not previously serviced by Cashbuild,' directors stated at the time. Visit:

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store