Latest news with #US121
7NEWS
14-07-2025
- Business
- 7NEWS
Bitcoin tops $US120,000 for the first time
Bitcoin has crossed the $US120,000 level for the first time, marking a milestone for the world's largest cryptocurrency as investors bet on long-sought policy wins for the industry this week. Bitcoin scaled a record high of $US121,207.55 ($A184,489.93) in the Asian session on Monday, before pulling back slightly to last trade 1.6 per cent higher at $US121,015.42 ($A184,197.49). Starting on Monday, the US 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 US President Donald Trump, who has called himself the 'crypto president' and urged policymakers to revamp rules in favour of the industry. 'It's riding a number of tailwinds at the moment,' 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 $US125,000 ($A190,262) level,' he said. The surge in bitcoin, which is up 29 per cent for the year so far, has sparked a broader rally across other cryptocurrencies over the past few sessions even in the face of Trump's chaotic tariffs. Ether, the second-largest token, scaled a more than five-month top of $US3,050.90 ($A4,643.77), while XRP and Solana gained about three per cent each. The sector's total market value has swelled to about $US3.78 trillion ($A5.75) trillion, according to data from CoinMarketCap. Earlier this month, Washington declared the week of July 14 as 'crypto week', where 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-listed exchange-traded funds (ETFs) in Hong Kong similarly surged. Spot bitcoin ETFs launched by China AMC, Harvest and Bosera all scaled record highs, while the three ether ETFs managed by the asset managers were up roughly two per cent each.
Perth Now
14-07-2025
- Business
- Perth Now
Bitcoin tops $US120,000 for the first time
Bitcoin has crossed the $US120,000 level for the first time, marking a milestone for the world's largest cryptocurrency as investors bet on long-sought policy wins for the industry this week. Bitcoin scaled a record high of $US121,207.55 ($A184,489.93) in the Asian session on Monday, before pulling back slightly to last trade 1.6 per cent higher at $US121,015.42 ($A184,197.49). Starting on Monday, the US 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 US President Donald Trump, who has called himself the "crypto president" and urged policymakers to revamp rules in favour 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 $US125,000 ($A190,262) level," he said. The surge in bitcoin, which is up 29 per cent for the year so far, has sparked a broader rally across other cryptocurrencies over the past few sessions even in the face of Trump's chaotic tariffs. Ether, the second-largest token, scaled a more than five-month top of $US3,050.90 ($A4,643.77), while XRP and Solana gained about three per cent each. The sector's total market value has swelled to about $US3.78 trillion ($A5.75) trillion, according to data from CoinMarketCap. Earlier this month, Washington declared the week of July 14 as "crypto week", where 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-listed exchange-traded funds (ETFs) in Hong Kong similarly surged. Spot bitcoin ETFs launched by China AMC, Harvest and Bosera all scaled record highs, while the three ether ETFs managed by the asset managers were up roughly two per cent each.
West Australian
14-07-2025
- Business
- West Australian
Bitcoin hits new record high: Crypto coin soars in value to over $180,000 fuelled by ETFs
Bitcoin extended a rally to rise to a new record above $US120,000 ($182,000) Monday, fuelled by a rally in bitcoin ETFs. The price of the largest cryptocurrency by market capitalisation briefly topped $US121,249.90, according to data from Coin Metrics. The rally has seen bitcoin reach new highs amid more inflows into bitcoin ETFs. On Thursday, bitcoin ETFs had logged their biggest day of inflows in 2025 at $US1.18 billion. 'We believe that Bitcoin's surge is driven by longer-term institutional buyers and this will propel it to $1US25k in the next month or two,' Jeff Mei, chief operating officer at cryptocurrency exchange BTSE, said in a statement sent to CNBC. 'Trump's trade disputes with the likes of the EU, Mexico, and other trading partners could cause dips in the week ahead, but it's likely that Bitcoin's institutional buyers are discounting this risk and maintaining their positions that Bitcoin will still appreciate in the long run,' he added. Investors have been anticipating bitcoin to hit new records this year as corporate treasuries accelerate their bitcoin buying sprees and US Congress nears the passing of new crypto legislation. The US House of Representatives will begin deliberating on a series of crypto bills on Monday aimed at providing a clearer regulatory framework for the digital asset industry. The policy had been long sought by the industry, and is supported by US President Donald Trump, who has branded himself as a pro-crypto President and is involved in several crypto ventures.
