Bitcoin. Credit: Pexels, WorldSpectrum
Bitcoin’s bull run continued on Friday, July 11, smashing through fresh all-time highs and fuelling debate across financial markets.
The world’s largest cryptocurrency soared to $118,239 (€108,778), driven by institutional demand and pro-crypto signals from Donald Trump’s administration.
In the early hours of Friday morning, Bitcoin rallied past several key thresholds – $113,000 (€96,713), then $115,000 (€98,394), and finally reached a record $118,239 (€101,219).
According to Coinmarketcap data, the global cryptocurrency market surged 5.92 per cent, now valued at $3.67 trillion (€3.14 trillion).
Analysts point to large financial institutions buying up Bitcoin as a key driver behind the rally.
“Bitcoin’s new all-time high is being driven by relentless institutional accumulation – major players are scooping up supply and drying up liquidity on exchanges,” said Joshua Chu, co-chair of the Hong Kong Web3 Association, speaking to Reuters.
Trump embraces digital assets
Another major factor for the Bitcoin bull run? Trump’s recent policy shift toward crypto.
In March, Trump signed an executive order to create a US strategic reserve of cryptocurrencies. He’s also appointed crypto-friendly figures to key roles, including SEC Chair Paul Atkins and AI adviser David Sacks.
Even Trump’s family business is jumping in. An SEC filing this week revealed that Trump Media & Technology Group (DJT.O) plans to launch a crypto ETF covering multiple digital assets, including Bitcoin.
These moves contrast sharply with the cautious approach taken by previous administrations, and many market watchers see this as a turning point.
Ethereum rides the wave too
Bitcoin’s rise wasn’t the only big crypto story. Ethereum, the second-largest cryptocurrency, also surged to a five-month high of $2,998.41 (€2,565.59), before settling at $2,993 (€2,561.92). It’s now up roughly 7 per cent in the past 24 hours.
Bitcoin is up nearly 26 per cent since the start of 2025.
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