Bitcoin rose during Thursday’s trading but remained below its record high of nearly $112,000, which it briefly reached the previous day. This pullback was driven by profit-taking and renewed concerns over U.S. tariffs, which tempered investor enthusiasm.
The world’s largest cryptocurrency climbed 2.1% to $110,961.70, after hitting an all-time high of $111,988.20 on Wednesday. However, it gave up part of its gains as traders moved to sell at elevated levels.
This strong performance has been fueled by rising institutional interest, including companies transferring Bitcoin to their treasury holdings and the growing role of exchange-traded funds (ETFs) managed by major asset management firms.
Institutional accumulation remains strong, with Nasdaq-listed MicroStrategy continuing to lead the charge. Meanwhile, new entrants like GameStop have joined the trend, announcing board approval for Bitcoin purchases.
Earlier this week, Trump Media, also listed on the Nasdaq, filed with the U.S. Securities and Exchange Commission (SEC) to launch a new ETF named the “Digital Elite Fund,” expected to debut later this year. The company had already submitted two similar applications earlier this month.
These supportive factors capital inflows into ETFs, growing adoption in corporate treasuries, and favorable regulatory developments in the U.S. have enhanced Bitcoin’s appeal as a credible institutional asset.
Despite Wednesday’s rally, growing trade tensions ahead of the August 1 deadline led to a price pullback. U.S. President Donald Trump announced a 50% tariff on copper imports starting August 1 and increased tariffs on Brazilian goods from 10% to 50%, calling the move “reciprocal.”
At the same time, uncertainty surrounding the Federal Reserve’s monetary policy added pressure to the crypto market. Minutes from the latest meeting showed only a small number of Fed officials favored cutting interest rates this month, while most voiced concerns about inflation risks stemming from Trump’s trade policies.
Altcoins also posted solid gains amid market optimism after Bitcoin reached new highs. Ethereum led the rally as investors looked ahead to “Crypto Week,” which begins on July 14 and is expected to feature congressional debates on three major bills aimed at regulating the digital asset market.
Stay informed about global markets through our previous analyses. and Now, you can also benefit from LDN company services via the LDN Global Markets trading platform.
