Bitcoin

BTC $119,916.39

Bitcoin has risen past $120,000 for the first time on record, achieving a year-to-date gain of 28%.

As of midday Hong Kong time, BTC is currently trading above $121,000, according to CoinDesk market data.

The recent price movement follows President Donald Trump’s decision to impose a 30% tariff on the EU and Mexico, effective August 1. This marks a bullish end to approximately 48 hours of volatile price fluctuations, allowing short-duration indicators to reset into a bullish position.

Next, all eyes are on the U.S. inflation data expected this week, where an increase in the cost of living is anticipated for June amidst Trump’s trade issues.

According to FactSet, it is projected that the consumer price index (CPI) rose by 0.25% month-over-month in June, leading to an annualized growth rate of 2.6%. The core CPI, excluding food and energy prices, is predicted to rise by 0.3% monthly and 3% annually.

Risk assets, including BTC, may experience some fluctuations if inflation accelerates, which could delay a Federal Reserve rate cut. However, the downside risk may be limited due to strong corporate adoption of BTC, ETF inflows, and a favorable regulatory outlook in the U.S.

John Glover, CEO of Ledn, notes that BTC’s rally has potential longevity, forecasting prices could rise to $136,000 by year-end. He stated, “We have finally broken to new highs, confirming the dip to $96k in late June was part of the larger Wave 5. While my original timeline for hitting $136k was Q1 of 2026, it now seems achievable by year-end.”