Bitcoin Hits New All Time High of $113,900 as Adoption Accelerates

Bitcoin Magazine

Bitcoin Hits New All Time High of $113,900 as Adoption Accelerates

A day after yesterday’s ATH where Bitcoin reached $112,000. Bitcoin today officially reached a new all-time high (ATH) of $113,900, extending its bullish run that reignited in late June. Just 18 days ago, BTC was trading around $98,000. Today’s ATH highlights the accelerating global shift toward viewing Bitcoin as both a store of value and a strategic asset.

Meanwhile, $50 million worth of Bitcoin shorts were liquidated in the past hours and over $1.5 billion worth of Bitcoin short positions are set to be liquidated at $120,000, according to data from Coinglass. If Bitcoin continues its upward trajectory, a massive short squeeze could be triggered, forcing bearish traders to buy back in at higher prices and further accelerating the price action.

According to Polymarket, the world’s largest betting platform, the most likely outcome of hitting $115,000 by the end of July is 80% and 44% chance of hitting $120,000. 

In an interview with Bloomberg, the Federal Reserve Board Member Christopher Waller is considering cutting interest rates this month, which could fuel the price of Bitcoin to go even higher.

President Donald Trump, who’s been heavily pressuring Fed Chair Jerome Powell to cut interest rates, and even called for Powell to resign and be investigated by Congress, posted about the price of Bitcoin increasing today on his Truth Social account, along with stocks also hitting record highs. “CRYPTO, ‘Through the Roof,” the President stated. “FED SHOULD RAPIDLY LOWER RATE TO REFLECT THIS STRENGTH.”

Earlier today, it was reported that 99.85% of all Bitcoin addresses were in profit, with that number hitting 100% as Bitcoin smashed through its new all time high above $113,900.

Since November 16, 2022, El Salvador has been steadily purchasing bitcoin daily for its treasury reserves. Now, the country has amassed over 6,233 BTC in their treasury. After today’s upward price movement, El Salvador’s Bitcoin reserves surpassed $700 million in value. 

This post Bitcoin Hits New All Time High of $113,900 as Adoption Accelerates first appeared on Bitcoin Magazine and is written by Oscar Zarraga Perez.