Bitcoin (BTC) just gave us a rollercoaster ride, hitting a new all-time high above $112,152 on Wednesday, breaking its previous peak of $112,000 set in May, according to TradingView. But hold your horses, it wasn’t a one-way ticket to the moon, Bitcoin quickly slid back down to around $111,000, as noted by The HodlFM's Price Page. Still, a 20% increase year-to-date isn’t something to sneeze at.
Tariffs, Musk, and Institutional Interest Fuel BTC’s Rise
So, what’s pushing Bitcoin’s price up? Well, the Trump administration’s new tariff date has taken the edge off concerns about imminent volatility. According to U.S. Treasury Secretary Scott Bessent, tariffs that were initially set in April are now scheduled to kick in on August 1 for countries that don’t have trade agreements with the U.S. But hey, if talks don’t go well, the tariff rates will return to their original levels, so it's really a game of waiting.
In other news, our favorite tech mogul, Elon Musk, has decided to throw his support behind Bitcoin, saying his "America Party" will back it. You know, because when Musk speaks, markets listen.
Meanwhile, the institutional world is going full throttle into Bitcoin. Companies like The Smarter Web Company are making big moves, with their recent purchase of 226.42 BTC worth £17.87 million ($24.4 million). With an average purchase price of £78,932 ($107,726) per BTC, they’re not just dabbling, they’re playing with the big boys. The Smarter Web Company has rapidly climbed the ranks, now sitting 31st among 135 public company Bitcoin holders, right between Cipher Mining and Core Scientific, and eyeing the top 25.
But here’s the kicker: On the institutional side, Bitcoin exchange-traded funds (ETFs) now manage nearly $150 billion in capital, showing that institutions aren’t letting a little market turbulence stop them from doubling down on BTC. Looks like the crypto world’s getting more serious by the minute!
Maryna Hornieieva
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