Bitcoin rises to fresh record above $112,000, helped by Nvidia-led tech rally

Bitcoin rises to fresh record above 2,000, helped by Nvidia-led tech rally


The logo of the cryptocurrency Bitcoin can be seen on a coin in front of a Bitcoin chart.

Silas Stein | Picture Alliance | Getty Images

Bitcoin hit a fresh record on Wednesday afternoon as an Nvidia-led rally in equities helped push the price of the cryptocurrency higher into the stock market close.

The price of bitcoin was last up 1.9%, trading at $110,947.49, according to Coin Metrics. Just before 4:00 p.m. ET, it hit a high of $112,052.24, surpassing its May 22 record of $111,999.

The flagship cryptocurrency has been trading in a tight range for several weeks despite billions of dollars flowing into bitcoin exchange traded funds. Bitcoin purchases by public companies outpaced ETF inflows in the second quarter. Still, bitcoin is up just 2% in the past month.

Stock Chart IconStock chart icon

hide content

Bitcoin climbs above $112,000

On Wednesday, tech stocks rallied as Nvidia became the first company to briefly touch $4 trillion in market capitalization. In the same session, investors appeared to shrug off the latest tariff developments from President Donald Trump. The tech-heavy Nasdaq Composite notched a record close.

While institutions broadly have embraced bitcoin’s “digital gold” narrative, it is still a risk asset that rises and falls alongside stocks depending on what’s driving investor sentiment. When the market is in risk-on mode and investors buy growth-oriented assets like tech stocks, bitcoin and crypto tend to rally with them.

Investors have been expecting bitcoin to reach new records in the second half of the year as corporate treasuries accelerate their bitcoin buying sprees and Congress gets closer to passing crypto legislation.

“With crypto week on the horizon next week in DC, and a likely flood of positive momentum heading into the dog days of summer, bullish sentiment and thinner trading volumes could see prices gap up to $120,000 or higher by the end of next week,” said Ryan Gorman, chief strategy officer at Uranium Digital, a focused on the uranium market through tokenization. “How far we rally through the summer is anyone’s guess, but open call interest outweighs puts, which normally reveals traders are bullish and expect upward price momentum to continue.”

Don’t miss these cryptocurrency insights from CNBC Pro:



Source

Figma CEO’s path from college dropout and Thiel fellow to tech billionaire
Technology

Figma CEO’s path from college dropout and Thiel fellow to tech billionaire

Dylan Field, co-founder and CEO of Figma, signs the guestbook on the floor of the New York Stock Exchange in New York on July 31, 2025. Michael Nagle | Bloomberg | Getty Images Mark Zuckerberg may be the most famous college-dropout-turned-tech-billionaire. Dylan Field is the latest, after his design startup Figma soared in its stock […]

Read More
Ethereum turns 10: From scrappy experiment to Wall Street’s invisible backbone
Technology

Ethereum turns 10: From scrappy experiment to Wall Street’s invisible backbone

CANNES — Ten years ago, Vitalik Buterin and a small band of developers huddled in a drafty Berlin loft strung with dangling lightbulbs, laptops balanced on mismatched chairs and chipped tables. They weren’t corporate titans or venture-backed founders — just idealists working long nights to push a radical idea into reality. From that sparse office, […]

Read More
Crypto wobbles into August as Trump’s new tariffs trigger risk-off sentiment
Technology

Crypto wobbles into August as Trump’s new tariffs trigger risk-off sentiment

A screen showing the price of various cryptocurrencies against the US dollar displayed at a Crypto Panda cryptocurrency store in Hong Kong, China, on Monday, Feb. 3, 2025.  Lam Yik | Bloomberg | Getty Images The crypto market slid Friday after President Donald Trump unveiled his modified “reciprocal” tariffs on dozens of countries. The price […]

Read More