Bitcoin surpasses all-time high, reaching $116,618

The price of Bitcoin continues to break records. The cryptocurrency's price reached $116,618.20 per unit at 4:00 p.m. Mexico City time on Thursday, a record high.
The most famous cryptocurrency on the market, created by Satoshi Nakamoto, could surpass $118,000, according to crypto market analyst Willy Woo.
Felipe Mendoza, a market analyst at the ATFX LATAM broker, emphasized that virtual currency is a relatively new and alternative asset.
"During its short history, it has proven to be a safe haven against global panic, a hedge against the erosion of fiat value, which is precisely what we are seeing right now," he said.
TradingDifferent CEO Iván Paz Chain said in an interview with CriptoNoticias that Bitcoin could reach at least $140,000 this year.
“Bitcoin's rally to new highs was fueled by strong inflows into ETFs, relentless corporate adoption by crypto treasury firms, and an increasingly supportive regulatory environment,” Gerry O'Shea, head of Global Markets Analysis at Hashdex, noted in a note.
"While the macroeconomic environment will remain uncertain, we believe the bull market is far from over and that new catalysts, including more institutional platforms enabling access to Bitcoin, could help propel the price of Bitcoin to $140,000 or higher this year," he noted.
Market gets lively
The broader crypto market was also on the rise on Thursday. Ethereum's ether surpassed $2,800 and rose more than 5%, while XRP gained 3.5%.
Meanwhile, the broad-market CoinDesk 20 Index advanced 3.4% to its highest level since May.
Bitcoin ETFs were listed on Wall Street in January of last year, giving the cryptocurrency market depth and seriousness, according to analysts.
As of Thursday afternoon, approximately $318 million in bitcoin short positions were liquidated on centralized exchanges over a 24-hour period, according to CoinGlass.
When traders use leverage to short bitcoin and the cryptocurrency's price rises, they buy back bitcoin from the market to close out their positions, which drives the price up and causes more positions to be liquidated.
Altcoins, or cryptocurrencies other than Bitcoin, joined the rally for a second consecutive day after investors lost hope that they would show any signs of life this year.
Ether and Solana each gained more than 2%. Dogecoin and the Cardano-pegged token each advanced more than 5%. XRP and Litecoin rose 3%.
Shares of cryptocurrency firms also rose. Bitcoin mining companies Mara Holdings and Riot Platforms each gained more than 2 percent, while cryptocurrency trading platforms Coinbase and Robinhood each gained 4 percent.
Rally winner
Bitcoin has been trading in a tight range for several weeks despite billions of dollars flowing into exchange-traded funds (ETFs), which has helped the price stay above $100,000 for more than 60 consecutive days.
Publicly traded companies have also been on a bitcoin buying spree, outpacing bitcoin ETF inflows in the second quarter.
Between large institutional purchases and optimism on the regulatory front as Congress moves forward with stablecoin legislation, investors expected Bitcoin to reach new heights in the second half of the year.
For experts, Bitcoin's price is a reflection of institutional confidence, capital inflows through new financial vehicles, regulatory relaxation, and a volatile global environment that favors alternative assets.
"The increase is driven by strong institutional demand and a combination of technical, financial, and political factors that have supported the asset," wrote Antonio Di Giacomo, financial markets analyst for Latin America at XS.com.
The U.S. House of Representatives has declared the week of July 14th "Crypto Week." During these crucial days, lawmakers will vote on a package of bills that could lay the groundwork for a new regulatory era for the digital ecosystem.
The initiative seeks to fulfill Trump's campaign promises focused on cryptocurrencies, a legislative push that comes after the president himself called for fast-tracking the GENIUS Act before the August recess.
The Clarity Act, the Genius Act, and the Anti-CBDC State Surveillance Act, which prohibits central banks from issuing cryptocurrencies, will be discussed. This would prevent the Fed from issuing a digital dollar.
The United States will seek a pro-crypto position to counter the advance of other countries. Experts say Bitcoin could reach a price of $200,000 to $250,000 by the end of the year.
Eleconomista