Mon Jul 14 04:10:00 UTC 2025: ## Bitcoin Soars to New Record High Above $118,000 Amid Tech Rally and Regulatory Optimism

**New York, NY – June 28, 2024** – Bitcoin (BTC-USD) surged to a new all-time high on Friday, surpassing $118,000 as bullish sentiment permeates risk assets. The cryptocurrency’s impressive performance coincides with Nvidia’s (NVDA) milestone of reaching a $4 trillion valuation, underscoring the growing connection between crypto and the tech sector.

The rally comes amidst a broader market upswing, with the Nasdaq Composite (^IXIC) hitting a new record on Wednesday and the S&P 500 (^GSPC) nearing its own peak on Thursday. Analysts point to Bitcoin’s historical correlation with tech stocks as a contributing factor.

“Historically, Bitcoin has remained highly correlated with tech stocks, and this correlation is still playing out,” noted Nic Puckrin, crypto analyst and founder of the Coin Bureau.

Year-to-date, Bitcoin is up approximately 21%, fueled in part by perceived crypto-friendly policies from the potential Trump administration, including the suggestion of establishing a strategic bitcoin reserve.

While the past two months saw Bitcoin trade within a relatively tight $10,000 range, marking a period of unusual stability, the current breakout is attributed to sustained institutional inflows and increasing corporate adoption.

“At the heart of this rally lies sustained structural inflows from institutional players,” explained Dilin Wu, research strategist at Pepperstone, adding that companies like MicroStrategy (MSTR) and GameStop (GME) continue to bolster their balance sheets with Bitcoin. Trump Media & Technology Group (DJT) recently filed for approval to launch a “Crypto Blue Chip ETF,” allocating around 70% of its holdings to Bitcoin.

The timing of this surge also coincides with the upcoming “Crypto Week” in Congress, starting July 14th, where lawmakers will debate crucial bills that could define the regulatory framework for the cryptocurrency industry. A favorable outcome could further accelerate institutional inflows, solidifying Bitcoin’s role as a macro asset.

“A favorable outcome could accelerate institutional inflows, reinforcing Bitcoin’s role as a macro asset and strengthening confidence in compliant crypto platforms,” said Jesse Jarvis, CEO of Kaiko AI.

The GENIUS Act, proposing a federal framework for stablecoins, is among the regulations under consideration. The recent news has positively impacted related stocks, with shares of Circle (CRCL), the issuer of stablecoin USDC (USDC-USD), rising approximately 2% on Thursday, bringing its gain to over 500% since its June 5th IPO. Trading platforms like Robinhood (HOOD) and Coinbase (COIN) also saw gains during Thursday’s trading session.

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