Friday, August 1, 2025

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Bitcoin Blasts Past $118K-Mark, Leaving Nvidia and the S&P 500 in Its Dust

Bitcoin smashed another record Friday, punching through $118,000 during Asian trading and settling near $117,800 by midday in New York. The intraday peak—about $118,755—is regarded as bitcoin’s highest price ever recorded.

The benchmark cryptocurrency now sits 27% higher year-to-date—triple the S&P 500’s 7% climb and ahead of Nvidia, whose stock is up 22% after briefly cresting a $4 trillion valuation on Wednesday.

Two forces are seemingly driving the breakout. First, listed companies keep swapping cash for coins. MicroStrategy still leads, but a growing roster of midsize firms has followed since April’s post-tariff pullback, treating bitcoin as a balance sheet hedge rather than a speculative side bet.

Second, Washington has turned overtly crypto-friendly. President Donald Trump’s executive order creating a strategic bitcoin reserve signaled top-down support. A bipartisan Senate then passed the GENIUS Act, which would let private issuers bring dollar-backed stablecoins to market; House leaders vote next week.

READ: House GOP To Push US As The “Crypto Capital Of The World” In Crypto Week

ETF inflows also remain the accelerant. Spot bitcoin funds absorbed more than $2 billion this month alone, according to exchange data, as a softer US dollar nudged asset allocators toward hard-capped supply.

The last bull market apex was roughly $69,000 in November 2021. That level fell in early 2025 when Bitcoin first crossed $100,000, and it has now been left far behind.

Ether traded just shy of $3,000, extending the rebound that began after April’s “Liberation Day” tariffs spooked risk assets. 


Information for this briefing was found via Investopedia, AP News, and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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