Bitcoin (BTC) continues to test new highs even as U.S. stocks fall.
The largest cryptocurrency by market capitalization has risen 4% in the past 24 hours to trade at just over $118,000 U.S., the latest all-time high reached in the past week.
Cryptocurrencies trade around the clock, 24 hours a day, seven days a week.
Bitcoin traded as high as $118,740 U.S. early on July 11 before pulling back to change hands at $118,135.14 U.S.
Expectations for a September rate cut from the U.S. Federal Reserve, inflows into spot crypto exchange-traded funds (ETF), and bullish investor sentiment have driven the current rally.
Bitcoin is now testing all-time highs for the first time since May of this year.
The latest bull run comes despite U.S. stocks sinking on news that U.S. President Donald Trump has reignited his trade war with countries around the world.
U.S. stocks are deep in the red on July 11 after Trump announced a 35% tariff on imports from Canada beginning August 1, with the Dow Jones Industrial Average down 305 points.
Now, futures traders are betting that Bitcoin’s price will quickly surpass $120,000 U.S., while options traders take out bets on the price exceeding $130,000 U.S. by September of this year.
Other cryptocurrencies are also marching higher alongside Bitcoin, with the price of Ethereum (ETH) up 7% in the last 24 hours and trading above $3,000 U.S. for the first time in months.
