Bitcoin Passes $118K For First Time in History as Shorts Vaporize $1B

Bitcoin hits $118K and vaporizes $1B in shorts. US debt fuels rally, can coins like $HYPER surge?

The crypto market is on fire. Bitcoin has smashed past $118K, which is a massive 60% jump since April. And it’s not just $BTC; Ether hit $3K and XRP surged 5% to nearly $2.60.

Source: CoinMarketCap

The rally isn’t random; it’s happening as the U.S. Dollar takes a beating, dropping nearly 11% in six months, its worst start to a year since 1973. Plus, tech stocks are soaring, with Nvidia’s market cap hitting a mind-blowing $4T.

Source: TradingView

Bitcoin’s explosive surge didn’t just grab headlines, it also wiped out over $1 billion in short positions across the crypto market in just 24 hours. Traders betting against the rally were caught off guard as prices soared, triggering a wave of forced liquidations.

When shorts get liquidated, it adds buying pressure to the market, fueling the rally even further in a classic short squeeze spiral.

Source: Coinglass

Bitcoin shorts accounted for over $678M of the liquidations, indicating a highly leveraged, futures-driven rally.

Source: Coinglass

The timing of Bitcoin’s climb caught the market off guard. It bottomed out in early April when worries about a global trade war eased up. But something deeper is fuelling this rebound: growing concerns about U.S. debt and messy fiscal policies.

The U.S. government’s debt ceiling is currently sitting at around $36T as of July 3rd, and people are already expecting it to max out again in under three years. That kind of financial anxiety is clearly pushing investors towards decentralized assets.

Macroeconomic Tailwinds and Crypto’s Rise

Adding to the bigger picture, Elon Musk’s public exit from the Department of Government Efficiency (DOGE) felt like a big sign that Washington’s financial picture was even worse than expected, despite his positive X post.

Then came his public spat with President Trump over the proposed $5.5T Big Beautiful Bill. As that bill gained steam and eventually became law, Bitcoin’s price kept climbing. This shows how falling confidence in traditional money is pushing people into crypto.

The dollar’s 10.5% slide in the first half of 2025, even with Trump’s tariffs, appears to be driving this flight to crypto, with Musk himself saying ‘fiat is hopeless.’

Source: X

With all this excitement, presale projects are starting to grab attention. The current bull market is creating a prime environment for new and exciting projects to snag early investments.

As people look to ride this wave, innovative projects like Bitcoin Hyper ($HYPER) that give utility and solve a problem are seeing a huge boost in interest. It’s time to explore this new opportunity and diversify your crypto bag to stay ahead of the crowd.

Bitcoin Hyper ($HYPER) – Bitcoin, But Faster and Cheaper? Yes, Please!

Everyone loves Bitcoin, and even if you don’t, you have to acknowledge it’s the OG digital gold. But sometimes it can feel pricey and slow. That’s where Bitcoin Hyper ($HYPER) zips in like a superhero (think Quicksilver from the Marvel Universe).

Bitcoin Hyper is building Bitcoin with the speed of Solana. It’s a brand-new Layer 2 solution utilizing the Solana Virtual Machine’s lightning-fast speeds to make Bitcoin transactions incredibly cheap and faster than a speeding bullet.

How does it do this, you ask? Through a canonical bridge, ensuring secure and efficient asset transfers back to the Bitcoin mainnet. Speed isn’t its only priority, as it also keeps you safe by using Bitcoin’s rock-solid security.

Source: Bitcoin Hyper.

Bitcoin Hyper is taking the best of both worlds and smashing them together.

Get in Early, Earn Big!

As much as the speed and price are exciting on their own, it’s also an opportunity to get in on the ground floor. Bitcoin Hyper ($HYPER) is currently in its presale phase, and is already pulling in serious cash, with over $2M raised so far.

This shows a ton of excitement for a project that’s trying to solve a real problem for Bitcoin. As an early investor, you’ll get a piece of the game-changing tech but also could snag some attractive staking rewards (currently at 349%). A sweet deal for just holding your tokens!

Source: Bitcoin Hyper

If you’re looking for a project that blends the proven power of Bitcoin with cutting-edge speed and the chance for some passive income, $HYPER is one to watch as this bull run keeps going.

Don’t Miss the Next Wave

With Bitcoin hitting new all-time highs and the dollar looking shaky, it’s clear crypto isn’t just a niche market anymore; it’s a serious player. Robinhood stepping up with easy $ETH and $SOL staking shows just how mainstream things are getting.

But beyond big names, projects like Bitcoin Hyper ($HYPER) are paving the way for the future, tackling key issues like scalability and usability.

This market, driven by major economic shifts, creates potentially fantastic opportunities. But do your own research. Crypto is volatile, and you could lose everything, so only invest what you can afford to lose.

This is a sponsored article. Opinions expressed are solely those of the sponsor and readers should conduct their own due diligence before taking any action based on information presented in this article.