MEXCWhy Is Bitcoin Up Today?
Highlights
- Bitcoin has risen above $119,000 in a sudden weekend price spurt.
- Michael Saylor's hint of an incoming Strategy Bitcoin acquisition triggered a rally for the asset.
- The incoming Crypto Week is adding steam to Bitcoin's surge despite low trading volumes.
As Crypto Week approaches, Bitcoin is rallying ahead of key industry developments, reaching a new all-time high. Significantly, this remarkable surge is fueled by Trump tariffs, strong ETF performance, and significant accumulation by Bitcoin treasury companies.
Bitcoin Climbs To $119K In Sunday Surge
Data from CoinMarketCap indicates a surge in the price of the largest cryptocurrency over the last day. Per the data, Bitcoin set a new ATH of $119,292 on Sunday, gaining nearly 3% on the 24-hour charts.
While Bitcoin’s surge came amid a dip in daily trading volumes, the top crypto continues to brave whispers of an incoming correction to trade above $119K. On the seven-day chart, Bitcoin has risen by 9.65% while the monthly chart confirms a 13.28% surge in prices.
As Bitcoin’s price rose, other cryptocurrencies latched on to its rally to rack up impressive gains. CoinMarketCap data reveals Ethereum spiked above the $3,000 mark while Cardano and XRP notched 6% gains within 24 hours.
Michael Saylor’s Hint Triggers Rally For The Top Crypto
Bitcoin price surged within hours of Michael Saylor flashing a buy signal for the largest cryptocurrency. Saylor hinted at an incoming Strategy Bitcoin purchase after sharing a chart depicting the company’s BTC purchases.
The signal comes after an abrupt pause in a 12-week buying spree for Strategy. Furthermore, a ravenous appetite by Bitcoin treasury companies over the last week is also fuelling a rally for the asset. Experts are eyeing the effects of Trump tariffs on prices as renewed macroeconomic uncertainties trigger new inflows to the top cryptocurrency.
Crypto Week And Incoming Economic Data Play Key Roles
The House Committee on Financial Services, headed by Rep. French Hill, has tagged July 14-18 as Crypto Week. In the coming days, the House will deliberate on key cryptocurrency legislations, including the GENIUS Act, CLARITY Act, and the Anti-CBDC Surveillance State Act.
Optimism for the passage of the bills has contributed to Bitcoin’s rally on the eve of the start of Crypto Week 2025. Furthermore, incoming economic data ahead of July’s FOMC meeting is also playing a role in the asset’s price surge. Furthermore, speculation of an incoming Fed rate cut in the coming months is fuelling Bitcoin’s rally.
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