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Bitcoin Hits New Record High of $112,000

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Cryptocurrency surges amid tech rally and renewed 'risk-on' investor sentiment

Bitcoin surged to a new all-time high on Wednesday, climbing above US$112,000 during afternoon trading amid a broader rally in technology stocks.

The flagship cryptocurrency reached US$112,052.24 just before 4:00 p.m. ET, surpassing its previous record of US$111,999 set on May 22. It last traded around US$110,947, up 1.9% on the day, according to Coin Metrics.

The move came as investors embraced a risk-on mood, pushing the Nasdaq Composite to a record close. Chipmaker Nvidia briefly reached a US$4 trillion market capitalisation for the first time, boosting sentiment across tech and adjacent sectors, including crypto.

Despite billions of dollars flowing into bitcoin exchange-traded funds (ETFs), and increasing direct purchases by public companies, bitcoin has remained relatively rangebound in recent weeks. The price is up just 2% over the past month, with corporate buying in the second quarter outpacing ETF inflows.

While many institutions view bitcoin as a form of “digital gold,” it continues to behave like a risk asset, often rising alongside equities when markets shift toward growth and risk exposure.

Investor expectations are building for further gains in the second half of the year. Anticipated regulatory developments, such as potential progress on crypto legislation in Congress, and seasonal factors, including thinner trading volumes in summer, are contributing to the bullish outlook. Analysts have noted that derivatives positioning remains tilted toward calls over puts, signalling prevailing optimism for continued upward momentum.

Some market observers suggest that if positive sentiment and momentum persist, bitcoin could reach US$120,000 or higher in the near term.

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