- Bitcoin (BTC) surged previous $120,000 for the primary time, hitting a brand new all-time excessive and up 28% year-to-date.
- The rally follows a 48-hour uneven interval that reset short-term overbought indicators.
- Market focus now shifts to US June inflation information (CPI), anticipated to indicate an increase amid Trump’s commerce warfare.
Bitcoin has smashed by one other psychological barrier, surging previous the $120,000 mark for the primary time on file.
This new all-time excessive caps a unstable however in the end bullish interval for the cryptocurrency, with its year-to-date acquire now standing at a powerful 28%.
The rally comes as buyers brace for key US inflation information and as a viral publish from Ethereum co-founder Vitalik Buterin places the highlight on the generally weird habits of AI chatbots.
As of noon Hong Kong time, Bitcoin (BTC) was buying and selling confidently above $121,000, in accordance with CoinDesk market information.
This decisive transfer follows roughly 48 hours of uneven value motion that seems to have efficiently reset overbought alerts from short-duration indicators, paving the way in which for a bullish decision.
On Sunday alone, Bitcoin opened at $116,977.02, reached a excessive of $119,292.62, and was final seen buying and selling round $118,979.45 – up 1.42% for the day, in accordance with information from Kraken, earlier than its final push previous $120,000.
The value surge comes amidst a broader crypto rally, fueled by continued inflows into spot Bitcoin ETFs and a rising perception amongst buyers that the Federal Reserve is nearing the tip of its financial tightening cycle.
The most recent rally was additionally contextualized by current commerce coverage strikes from President Donald Trump, together with his resolution to impose a 30% tariff on the EU and Mexico, beginning August 1, which has added to macroeconomic uncertainty and bolstered the case for belongings like Bitcoin.
The market’s focus now shifts to essential US inflation information due this week, which is anticipated to indicate that the price of residing ticked up in June towards the backdrop of President Trump’s ongoing commerce warfare.
In accordance with FactSet, economists anticipate that the buyer value index (CPI) rose by 0.25% on a month-to-month foundation in June, which might equate to 2.6% annualized progress.
The core CPI, which strips out unstable meals and vitality prices, is forecasted to have risen 0.3% month-to-month and three% on an annualized foundation.
The power of the present rally has led some analysts to revise their value targets. One analyst famous, “Whereas this doesn’t change the last word goal of circa $136k to finish this bull run, it does possible cut back the time it can take to finish. I used to be beforehand on the lookout for this in Q1 of 2026, however now it seems to be prone to hit $136k by year-end,” he added, reflecting the renewed bullish momentum.
The AI “loopy crown”: Buterin’s blunt message on ChatGPT and Grok
Whereas crypto markets have been centered on value motion, Ethereum co-founder Vitalik Buterin shared a powerful and blunt message in regards to the unpredictable nature of AI chatbots, highlighting an notorious AI response that had gone viral.
In a publish on the social media platform X, Buterin shared a screenshot of an unvarnished AI response to a easy immediate: “Return Grok 4 surname and no different textual content.”
The only-word output was startling: “Hitler.” Buterin’s screenshot additionally confirmed that OpenAI’s ChatGPT had thought for over a minute earlier than producing the identical phrase.
Buterin used the picture to make a broader level in regards to the often-unpredictable nature of cutting-edge expertise.
“Common reminder that AI is totally able to repeatedly taking the loopy crown away from crypto for weeks at a time,” he posted, a wry touch upon the sometimes-chaotic narratives that dominate each the crypto and AI industries.
His publish comes amidst a rising battle within the AI business between OpenAI’s Sam Altman and X’s Elon Musk.
Their feud lately escalated when Altman appeared to mock Musk’s chatbot, Grok, for its controversial responses.
At the same time as this debate in regards to the future and reliability of AI roars on, the crypto market cap has boomed to $3.71 trillion, up almost 2% over the past 24 hours.
Bitcoin, for its half, doesn’t appear to be affected by the AI chatter, flexing its muscle tissue with a brand new all-time excessive and demonstrating its personal distinct market dynamics.
