Bitcoin hits record US$112,000 amid Wall Street rally, crypto surge

Traders should stay vigilant for potential profit-taking or macroeconomic shifts that could spark corrections, one analyst says

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Bitcoin has hit a record high. Photo: Getty Images/TNS

Published: 12:45pm, 10 Jul 2025

Bitcoin surged past US$112,000 for the first time, setting a fresh record alongside a broad rally in risk assets that has swept up technology stocks big and small.

The original cryptocurrency rose as much as 3.1 per cent to US$112,009, pushing its gain this year close to 20 per cent.

The move underscores the speculative momentum gripping markets even as US President Donald Trump unleashes a fresh barrage of tariff announcements.

The crypto rally is far from isolated: Nvidia’s brush with a US$4 trillion valuation in Wednesday trading helped push the S&P 500 within a whisker of its record, with fast-money investors joining the stock market fray.

“Voracious demand from equity market vehicles such as ETFs [exchange-traded funds] and digital-asset Treasuries has underpinned a continuous bid for bitcoin,” said Spencer Hallarn, global head of OTC trading at crypto investment firm GSR.

The rally is a boon for a new generation of Wall Street deal makers and corporate executives – led by crypto treasury companies – that are banking on the token’s advance to unlock new rounds of financing.

Bitcoin hits record US$112,000 amid Wall Street rally, crypto surge

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Traders should stay vigilant for potential profit-taking or macroeconomic shifts that could spark corrections, one analyst says

Traders should stay vigilant for potential profit-taking or macroeconomic shifts that could spark corrections, one analyst says