10 July | Bitcoin

Bitcoin breaks $112,000 mark for first time

Bitcoin breaks $112,000 mark for first time

Bitcoin rose above $112,000 for the first time amid a broader rally in the risk assets. The price of the cryptocurrency surged 3.1% to $112,009, pushing year-to-date gains close to 20%. 

However, chief investment officer at Kronos Research, Vincent Liu, notes that potential profit-taking and macroeconomic developments could spark a correction. Yet, the trend remains firmly upward for now. 

Founder and CIO at Hunting Hill Global Capital, Adam Guren, believes the cryptocurrency's new record high reflects strong inflows into Bitcoin-backed exchange-traded funds. He also notes increasing institutional adoption and a favorable macroeconomic backdrop. 

According to Guren, as political instability rises globally, investors are increasingly attracted to hard assets. In this regard, Bitcoin benefits from both gold-like positioning and the risk associated with its price dynamics. At the same time, the hallmark of the main cryptocurrency’s current cycle is structural, regulated, and sustainable demand, he adds.

Elena Berseneva MarketCheese
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