Bitcoin has reached a new all-time high of $123,165, surging more than 5% in 24 hours and pushing its market capitalization to $2.39 trillion.
According to CryptoSlate data, the milestone occurred in the early hours of July 14, marking the first time the flagship crypto has surpassed the $120,000 threshold.
This surge now places Bitcoin as the fifth-largest asset globally by market cap, above Amazon, according to data from Companies Market Cap.
Former Binance CEO Changpeng Zhao weighed in on the milestone, reflecting on how far Bitcoin has come. He noted that in 2017, a $1,000 all-time high felt monumental. Today’s figures, he suggested, may seem modest in hindsight a few years from now.
Meanwhile, technical analysts also view this Bitcoin breakout as significant momentum for the industry.
Coin Bureau co-founder Nic Puckrin noted that Bitcoin has broken above a seven-year trendline on its monthly chart for the first time. That level had previously acted as resistance in past bull markets, particularly since 2018.
What is driving Bitcoin’s price performance?
The price rally comes as the US prepares for what has been dubbed “Crypto Week,” beginning July 14.
Lawmakers are expected to hold key hearings and votes on several digital asset-related bills, including the CLARITY Act, the Anti-CBDC Surveillance State Act, and the GENIUS Act.
Market observers view this wave of legislative activity as a possible turning point for regulatory clarity, which could unlock greater institutional participation.
Bitcoin has also seen strong inflows into U.S.-listed spot exchange-traded funds. According to SoSoValue, Bitcoin ETFs attracted over $2 billion last week alone. These figures underscore rising demand from institutional investors seeking direct exposure to Bitcoin.
Some firms, including Metaplanet, are following Strategy’s (formerly MicroStrategy) lead by adding Bitcoin to their Treasury reserves—a move that further solidifies the asset’s long-term appeal.
Over $700 million in liquidations
While bulls celebrate the breakout, short traders are feeling the heat.
According to CoinGlass, the market’s rapid movement triggered $730 million in liquidations across the crypto space.
Of that, nearly $444 million came from Bitcoin positions, with short trades accounting for $435 million of the losses. One trader lost close to $100 million on a single short bet.
Notably, on-chain data from Hyperliquid also shows that crypto trader Qwatio was fully liquidated from his short position of 1,743 BTC, equivalent to $211 million, within three hours of the market breakout.
Interestingly, when priced in euros, Bitcoin has still not surpassed its high posted in January.
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