Bitcoin tops $118,000 for the first time, as the cryptocurrency
continues to climb to new heights
[July 12, 2025]
Bitcoin has reached yet another all-time high, surpassing $118,000 for
the first time on Friday — as a flood of money continues to move into
spot bitcoin ETFs, all while U.S. President Donald Trump's
crypto-friendly influence makes its way through Washington.
According to data from CoinMarketCap, the going price for bitcoin
climbed as high as $118,856 early Friday. The world’s most popular
cryptocurrency later fell slightly under the $118,000 mark in the
afternoon — but was still dancing close to the threshold around 4 p.m.
ET, sitting about $8,000 higher than it was a month ago and more than
double its price this time last year.
Spot bitcoin ETFs opened up cryptocurrency investing more widely after
launching last year — and analysts have pointed to record inflows
recently. And a soft U.S. dollar and the digital currency friendliness
of Trump's administration also has helped to lift the price of bitcoin
to unprecedented levels over the past few months.
Last month, the Senate passed legislation that would regulate a form of
cryptocurrency known as stablecoins, the first of what the industry
hopes will be a wave of bills to bolster its legitimacy and reassure
consumers.
Known as the GENIUS Act, the bill would establish guardrails and
consumer protections for stablecoins, a type of cryptocurrency typically
pegged to the U.S. dollar. The acronym stands for “Guiding and
Establishing National Innovation for U.S. Stablecoins.” And next week,
the House of Representatives will be considering this bill as part of
Congress’ efforts to strengthen the country's crypto position.
The fast-moving legislation comes on the heels of a 2024 campaign cycle
in which the crypto industry ranked among the top political spenders in
the country.
Trump, once a crypto skeptic, became a major promoter of the industry
throughout his presidential run last year — and has since moved to
expand his and his family's own crypto empire even further. Earlier this
week, Trump Media & Technology Group said it had filed paperwork with
the Securities and Exchange Commission seeking approval to launch its
“Crypto Blue Chip ETF” later this year.
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In this April 3, 2013 photo, a 25 Bitcoin token is displayed in
Sandy, Utah. (AP Photo/Rick Bowmer, File)
 Bitcoin's rise also arrives amid a
wider backdrop of economic uncertainty, notably the global turmoil
spanning from Trump's steep — and at times on-again, off again —
tariffs imposed against key trading partners worldwide.
“Bitcoin has shown resilience this year rebounding in-line with its
macro exposures following tariff announcements," Citi analysts wrote
in a Friday research insights. But again, they noted that the Trump
administration “has been positive for Bitcoin” overall — and
attributed bitcoin's recent rally to overall changes to the outlook
of U.S. regulation, as well as investments into spot ETFs.
Bitcoin’s backers have often argued that the asset is like a
“digital gold” that can act as a hedge against volatility — but many
have remained skeptical of that comparison. Larger market conditions
have previously proven also to sway bitcoin's price.
In April, amid a wider selloff following Trump's sweeping
“Liberation Day” tariff announcements, bitcoin briefly dipped below
$75,000. That marked the cryptocurrency’s lowest price since before
Trump's Election Day victory in November.
While bitcoin has since rebounded significantly, it's important for
investors to remember that it's still a highly volatile — and
relatively new — asset that's seen wild swings in value before. In
short, history shows you can lose money in crypto as quickly as
you’ve made it.
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