Bitcoin at record high! Crypto token touches $1,12,000 gaining nearly 20% this year amid Donald Trump's tariffs

The world's largest cryptocurrency, Bitcoin, hit a new record all-time high of $1,12,000 on July 10, skyrocketing as much as 3.1 per cent — a cumulative jump of around 20 per cent this year, according to a Bloomberg report.

The momentum came as United States President Donald Trump restarted his tariffs blitz, with 50 per cent impositions each on all copper imports into the US, and on Brazil amid fued with President Luiz Inácio Lula da Silva.

Spencer Hallarn, global head of OTC trading at crypto investment firm GSR told BB that “voracious demand from equity market vehicles such as ETFs and digital-asset Treasuries has underpinned a continuous bid for Bitcoin.”

At the same time, Vincent Liu, chief investment officer at crypto trading firm Kronos Research cautioned, “Traders should stay vigilant for potential profit-taking or macroeconomic shifts that could spark corrections, but the trend is firmly bullish for now.”

According to Adam Guren, founder and CIO at Hunting Hill Global Capital, Bitcoin's surge “reflects the compounding effects of strong ETF inflows, rising institutional adoption, and a favorable macro backdrop.”

He added, “With rate cuts back on the table and political instability rising globally, investors are reaching for hard assets and Bitcoin is benefiting from both ‘gold like’ positioning and risk on momentum. What’s different this cycle is that the demand is structural, regulated, and sticky.”

Further, the CoinDCX research team noted that second largest crypto token Ethereum is also headed close to the crucial barrier at $2,800 with over a 7 per cent increase in the past 24 hours; and XRP price also gained some strength as it surged above $2.4 by breaking above the pivotal resistance zone.

Harish Vatnani, Head of Trade at ZebPay said the surge above $1,12,000 was fuelled by strong global appetite for risk assets and the liquidation of $200 million in BTC short positions near key resistance levels.

“The price rally—marking a 5.95 per cent weekly gain—comes in the wake of Donald Trump’s sweeping new tariffs... Amid this macroeconomic uncertainty, investors appear to be rotating into Bitcoin as a hedge, with exchange reserves dropping to just 2.99 million BTC—signaling strong accumulation and reduced selling pressure,” Vatnani felt.

Edul Patel, Co-founder and CEO of Mudrex noted that if current momemtum continues, Bitcoin could enter price discovery. “Investors will now focus on the upcoming CPI report on July 11 and the Fed’s rate-cut decision later this month, both critical in shaping the macro outlook for crypto,” he added.

Among the top gainers are dogwifhat & SPX6900, which surged over 12 per cent each, followed by Pudgy Penguins by over 11 per cent, said CoinDCX. On the other hand, the top losers include Bonk & DeXe, with drops of 3.75 per cent and 1.26 per cent, respectively.

Also in the past 24 hours, Ripple’s stablecoin has surpassed $500 million in circulation, and ETF inflows were also positive for both Bitcoin and Ethereum, hinting towards the growing optimism among the market participants, it added.

In other developments, CoinSwitch Markets Desk reported that Emirates, Dubai Duty Free, and Crypto.com have partnered to facilitate crypto payments in travel, further pushing crypto toward mainstream adoption.

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