Major digital asset prices continued to climb on Thursday, July 10, with Bitcoin (BTC) reaching a new all-time high. The world’s largest crypto asset broke above $113,000 for the first time today, less than an hour after hitting $112,000.
At press time, BTC is up 3.8% on the day, trading at $113,392 and its market capitalization stands at $2.25 trillion.
The rally began yesterday, July 9, when BTC reached $111,742. Also yesterday, the U.S. Fed releases the Federal Open Market Committee (FOMC) June meeting minutes, which revealed mixed opinions among Fed officials around rate cut timing.
“What we’re seeing is Bitcoin stepping fully into its role as a hedge against inflation,” Ryan Chow, co-founder of BTCFi platform, Solv Protocol, said in a statement shared with The Defiant while BTC still had yet to break through $112,000 levels:
“With Trump’s tariffs driving further uncertainty across global markets, investors are reallocating into non-sovereign assets, and Bitcoin’s new all-time high, just shy of $112K, reflects that shift.”
The second-largest crypto asset, Ethereum (ETH), is also solidly in the green today, up 6% to trade around $2,800, the top-performer among the top-5 non-stablecoin cryptocurrencies.
XRP is also rallying, up nearly 5% to $2.50, while Solana (SOL) recorded more modest gains, rising 3.8% to $159. Meanwhile, the total crypto market capitalization remained flat on the day at around $3.59 trillion, according to CoinGecko. Total cryptocurrency trading volume came in at nearly $150 billion over the past 24 hours.
Leveraged crypto traders recorded $637 million in liquidations over the past 24 hours, according to CoinGlass data. BTC made up the largest share, with over $300 million in positions wiped out, followed by ETH at around $159 million.
According to SoSoValue data, U.S. spot Bitcoin exchange-traded funds (ETFs) attracted nearly $218 million inflows on July 9, while spot ETH ETFs brought in around $211 million – now marking the fifth day of consecutive ETF inflows for both assets.
The market rally began the day the FOMC released its June meeting minutes. In that report, it was revealed that some officials are open to interest rate cuts in July, while others said the Federal Reserve would not change its current rates. The report, which highlights a strong divide on the Fed’s monetary policy, could lead to further market volatility.
“Most participants assessed that some reduction in the target range for the federal funds rate this year would likely be appropriate, noting that upward pressure on inflation from tariffs may be temporary or modest,” the minutes report reads. “A couple of participants noted that, if the data evolve in line with their expectations, they would be open to considering a reduction in the target range for the policy rate as soon as at the next meeting.”
Positive Movements
Gadi Chait, Head of Investment at Xapo Bank, said in comments shared with The Defiant that today’s market gains reflect growing investor confidence in digital assets amid rising macroeconomic uncertainty and renewed institutional interest.
“This week in particular, Bitcoin has shattered expectations, evolving from a subdued trading range into a full-blown surge that culminated in a new all-time high,” Chait said. “Under the surface, institutional accumulation is at a fever pitch.”
The news comes as President Donald Trump has been announcing tariffs all week long on a dozen nations, beginning on August 1. And then, on Tuesday, the president unveiled a 50% tariff on copper imports, doubling his earlier proposal.
“This stability and institutional inflow we’re seeing has held firm through a period of fairly significant macroeconomic uncertainty, and geopolitical tensions rising globally; a test that many other so-called ‘volatile assets’ would struggle to pass,” said Chait.
Still, not everyone views the new high as a breakout moment due to building momentum. Dan Hughes, Founder and CTO of decentralized finance (DeFi) platform Radix DLT, said the current rally lacks the same pattern as previous cycles.
“We’re talking about $5,000 higher than December – that’s a 1% move. Not exactly hype-generating stuff, right?” said Hughes. “But here’s the thing – and this is the more important point – the fact that it doesn’t have any crazy upside momentum probably means it doesn’t have any crazy downside either.”
He added that this slow, steady rise suggests stability. “This ‘boring’ rally might be the best thing that could happen to Bitcoin’s long-term credibility,” Hughes said.
Source: https://thedefiant.io/news/markets/bitcoin-hits-new-all-time-high-above-usd113k