Bitcoin passes $118,000 as crypto keeps breaking records
The rally comes as more companies add Bitcoin to their corporate treasuries and lawmakers push forward with legislation supporting the crypto sector
Bridget Bennett/Bloomberg via Getty Images
Bitcoin hit another record high on Friday morning after breaking its own record on Thursday, thanks to growing demand from institutional investors and pro-crypto policies under the Trump administration.
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Bitcoin rose above a new high of $118,000 overnight, ultimately hitting an all-time high of $118,739 around 5:30 a.m. on Friday, rising above 6.4%, according to CoinDesk. Since then, the world’s largest cryptocurrency has started dropping. At the time of writing, Bitcoin is just above $118,000.
On Thursday, Bitcoin hit another record-high above $113,000. Yesterday marked its first record since late May and puts Bitcoin nearly 50% above its early April low.
The rally comes as more companies add Bitcoin to their corporate treasuries and lawmakers push forward with legislation supporting the crypto sector. So far this year, Bitcoin has gained 19%, keeping pace with the returns of big tech names like Nvidia and Microsoft.
In March, President Donald Trump announced plans to create a strategic crypto reserve, shifting gears from his earlier promise to stockpile Bitcoin. Bitcoin would be among the cryptocurrencies in Trump’s reserve. After the president’s announcement, Bitcoin fell $10,000 in a single day.
Trading volumes on Coinbase, the largest U.S.-based crypto exchange, have been dwindling. Analysts say this suggests that big institutional players may be accumulating Bitcoin through spot ETFs rather than on exchanges.
Looking ahead, technical analysts see a potential upside target for Bitcoin of around $146,400. On the downside, if Bitcoin pulls back, the $107,000 level could act as support, sitting just below the channel’s upper trendline and near its 50-day moving average.
—Emily Price and Vinamrata Chaturvedi contributed to this article.