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Bitcoin has burst out of the blocks overnight to post a new all-time high on the Swyftx exchange.
The BTC/USD chart reached a peak of $112,412 early on the 10th of July, giving Bitcoin its first record-breaking price since May.
Within forty minutes, the price of BTC spiked 2.5% before settling around the $111k USD mark.
There are several potential reasons for the strong showing, although there is no clear single catalyst driving the upside.
A major talking point in the United States is Donald Trump turning the screws on Fed Chair Jerome Powell to lower interest rates, claiming ‘Our Fed Rate is AT LEAST 3 Points too high.’
While the Federal Reserve is sticking to its guns – and a 3-point cut is probably a bit unrealistic – it’s possible the market is beginning to price in further quantitative easing throughout 2025.
Additionally, Bitcoin’s uptick sent waves through bearish traders, causing short liquidations and a small price squeeze.
Meanwhile, BTC exchange reserves – simply, the amount of Bitcoin held on centralised exchanges – has continued to plummet since Donald Trump’s election as the US President.
A huge reason for this is the institutional interest in spot BTC ETFs, which has continued to flex its muscles at the start of July.
As more and more BTC gets moved off exchanges into longer-term storage, a supply shock could be taking place and driving some of the current price spike.
While it’s hard to identify any one reason for Bitcoin’s current momentum, the amalgamation of positive metrics has given BTC holders something to cheer about.
Ben Knight
