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Bitcoin Hits Fresh All-Time High Above $112K as Traders Parse New US Tariff Shock
In a shocking turn of events, Bitcoin has reached an unprecedented all-time high of $112,040, surpassing its previous intraday peak of $111,917.37 recorded on May 22. The sudden surge comes shortly after President Donald Trump dispatched formal tariff letters to seven nations, unveiling duties of up to 30% that take effect August 1.
As traders attempt to make sense of the unexpected market movement, experts are weighing in on the implications of this unprecedented milestone. Jag Kooner, head of derivatives at Bitfinex, notes that the tariff news would typically trigger “equity weakness, dollar strength and softer yields.” However, he highlights the emergence of structural buffers unavailable in prior cycles, which has led to a reversal in sentiment.
The recent surge may also be attributed to spot-ETF inflows, as Farside Investors recorded $75.3 million of net inflows into US spot Bitcoin ETFs on July 8, resulting in cumulative inflows of $49.9 billion since January.
Source: cryptoslate.com
