Why is crypto going up?
The move brought Bitcoin’s market cap to $2.22 trillion, while total crypto market capitalization reclaimed $3.47 trillion, levels last seen in mid-2025.
FUD for BTC continues with some Twitter users writing: “People expect Bitcoin to perform as well as it did in the past ten years for the next ten years. A persistent power outage or a Chinese lab with a quantum computer will send your bags to zero.”
Still, Bitcoin keeps outrunning the S&P and most altcoins, refusing to follow anyone else’s script.
The rally came just days after President Donald Trump announced new tariffs on several countries including Japan, South Africa, and Malaysia, with some rates reaching 40%. 99Bitcoins analysts say this geopolitical uncertainty has boosted Bitcoin’s appeal as a macro hedge.
This milestone also triggered a flood of liquidations with $484.7 million in total, and $223 million from Bitcoin shorts alone.
“Bitcoin’s increasing status as a safe haven asset in the face of fiat debasement… confirmed by the first US state signing a Bitcoin reserve bill into law.” — Katalin Tischhauser, Sygnum Bank
https://twitter.com/ByCoinvo/status/1942554265047761195?ref_src=twsrc%5Etfw” rel=”nofollow” target=”_blank
Bitcoin’s uptrend, which began following Trump’s Liberation Day speech in April, has coincided with growing dislocation from traditional assets.
According to Sygnum Bank, Bitcoin has increasingly decoupled from the S&P 500, particularly during equity corrections.
Supporting the breakout is a sharp decline in Bitcoin reserves held on exchanges, a key signal that long-term holders are tightening supply. According to Glassnode, exchange balances fell from 3.11 million BTC in March to 2.99 million BTC by late May.
This drop in available supply suggests a possible supply shock in the making.
https://twitter.com/BitcoinNews21M/status/1938370578810876405?ref_src=twsrc%5Etfw” rel=”nofollow” target=”_blank
Wednesday’s price surge followed a heavy liquidation of overleveraged short positions, clearing out weak hands and setting the stage for a healthier trend.
Meanwhile, Bitcoin’s exchange-traded volume reached $28.18 billion, marking a significant increase in momentum heading into mid-July. With investor sentiment firming and institutional flows returning, the market may be entering the early phases of a new bull cycle.
Bitcoin is now just 7% below the total crypto market’s all-time high valuation of $3.73 trillion, set in December 2024. With short interest reduced and macro conditions favoring hard assets, the next few weeks will prove decisive.
As long as spot flows stay dominant and exchange reserves continue to decline, Bitcoin appears well-positioned to extend its lead, and, hopefully for us altcoin holders, take the rest of the market with it.
Join The 99Bitcoins News Discord Here For The Latest Market Updates
The post Why is Crypto Going Up? BTC Briefly Touches New ATH of $112k appeared first on 99Bitcoins.
Canary Capital has made another crypto-related filing with the U.S. Securities and Exchange Commission (SEC).…
Hackers are using fake voicemails and purchase orders to spread UpCrypter malware, giving them remote…
Eclipse Labs is burning its ships. Just weeks after its token launch, the L2 developer…
Numeraire price is up 40% to near $12.40 after JPMorgan secured $500 million capacity in…
The New York Times reported today on the death by suicide of California teenager Adam…
Crypto exchange-traded funds (ETFs) snapped back to life on Monday, with ether ETFs attracting $444…