Bitcoin has once again hit a new milestone, soaring
above $118,000 for the first time and shaking off months of sideways trading.
As traders scrambled to cover short positions, institutional demand jumped via ETFs.
Behind the surge lies a confluence of forces. The
weakening U.S. dollar, political support from the Trump administration, and
favorable technical signals have created a bullish backdrop for the crypto
sector.
The launch of spot bitcoin exchange-traded funds
opened the floodgates to retail and institutional money alike, helping to push
BTC into record territory.
BTCUSD daily price chart, source: TradingView
Trump Administration’s Crypto-Friendly Tone Plays a
Role
Market participants have pointed to President Trump’s
perceived support for digital assets as a key tailwind. The current
administration’s posture, combined with recent legislative activity, is
energizing the industry.
Just last month, the U.S. Senate passed the GENIUS
Act, the first significant bill aimed at regulating stablecoins. The
legislation is expected to provide clearer rules for dollar-pegged
cryptocurrencies and build consumer confidence.
The GENIUS Act has passed the Senate.
— Senator Cynthia Lummis (@SenLummis) June 17, 2025
The House is set to review the bill next week,
continuing what appears to be a coordinated effort to integrate digital assets
more fully into the U.S. financial system. The crypto industry, one of the
largest political donors during the 2024 campaign, has clearly carved out a
place on Capitol Hill.
The rally isn’t confined to Bitcoin alone. Shares of
crypto-related companies are climbing as well. Software firm Strategy (MSTR),
which holds more bitcoin than any other publicly listed company, saw its stock
rise nearly 3%. Miners such as MARA Holdings and Riot Platforms also booked
gains, advancing 4% and 2% respectively.
Bitcoin’s year-to-date gain now stands at 26%, and its
12-month return exceeds 100%. The momentum has reignited interest in a sector
that had struggled to regain its footing after previous bear markets.
Ethereum Trails Bitcoin
While Bitcoin basks in the spotlight, Ethereum is
underperforming. ETH traded at $2,989 as of Friday, up 4% over 24 hours and nearly 20% in the past week. It continues to lag behind Bitcoin in both
narrative and performance as investor attention remains focused on BTC’s
breakout.
Source: CoinMarketCap
Bitcoin’s powerful surge to an all-time high failed to
create a universal lift for crypto stocks, revealing a more nuanced investor
response to the digital asset’s momentum. While some firms tied closely to
bitcoin’s balance sheet or trading infrastructure rallied, others, including
major exchanges and miners, fell behind.
Read more: Bitcoin Hits Another Record High, Tops $113,800 on Institutional Inflows
Winners: Strategy, Galaxy, and Bitcoin-Heavy Firms
Strategy (MSTR), known for holding the largest bitcoin
position among public companies, advanced 3.2%. Galaxy Digital (GLXY), a
provider of institutional crypto services, followed with a 4% gain.
Source: Strategy
Miners Ride and Stumble on BTC Gains
Several bitcoin miners saw their stocks rise as the
value of mined coins increased. MARA Holdings (MARA) added 4%, Hive Digital
(HIVE) gained 2%, and Riot Platforms (RIOT) edged up 1.5%.
Surprisingly, some high-profile names struggled.
Coinbase (COIN) fell 1% despite broader crypto enthusiasm. Circle Internet
(CRCL), the issuer of the USDC stablecoin, slid by 8%. Still, Circle’s stock remains
elevated, over six times its IPO price of $31 just a month ago.
Bitcoin has once again hit a new milestone, soaring
above $118,000 for the first time and shaking off months of sideways trading.
As traders scrambled to cover short positions, institutional demand jumped via ETFs.
Behind the surge lies a confluence of forces. The
weakening U.S. dollar, political support from the Trump administration, and
favorable technical signals have created a bullish backdrop for the crypto
sector.
The launch of spot bitcoin exchange-traded funds
opened the floodgates to retail and institutional money alike, helping to push
BTC into record territory.
BTCUSD daily price chart, source: TradingView
Trump Administration’s Crypto-Friendly Tone Plays a
Role
Market participants have pointed to President Trump’s
perceived support for digital assets as a key tailwind. The current
administration’s posture, combined with recent legislative activity, is
energizing the industry.
Just last month, the U.S. Senate passed the GENIUS
Act, the first significant bill aimed at regulating stablecoins. The
legislation is expected to provide clearer rules for dollar-pegged
cryptocurrencies and build consumer confidence.
The GENIUS Act has passed the Senate.
— Senator Cynthia Lummis (@SenLummis) June 17, 2025
The House is set to review the bill next week,
continuing what appears to be a coordinated effort to integrate digital assets
more fully into the U.S. financial system. The crypto industry, one of the
largest political donors during the 2024 campaign, has clearly carved out a
place on Capitol Hill.
The rally isn’t confined to Bitcoin alone. Shares of
crypto-related companies are climbing as well. Software firm Strategy (MSTR),
which holds more bitcoin than any other publicly listed company, saw its stock
rise nearly 3%. Miners such as MARA Holdings and Riot Platforms also booked
gains, advancing 4% and 2% respectively.
Bitcoin’s year-to-date gain now stands at 26%, and its
12-month return exceeds 100%. The momentum has reignited interest in a sector
that had struggled to regain its footing after previous bear markets.
Ethereum Trails Bitcoin
While Bitcoin basks in the spotlight, Ethereum is
underperforming. ETH traded at $2,989 as of Friday, up 4% over 24 hours and nearly 20% in the past week. It continues to lag behind Bitcoin in both
narrative and performance as investor attention remains focused on BTC’s
breakout.
Source: CoinMarketCap
Bitcoin’s powerful surge to an all-time high failed to
create a universal lift for crypto stocks, revealing a more nuanced investor
response to the digital asset’s momentum. While some firms tied closely to
bitcoin’s balance sheet or trading infrastructure rallied, others, including
major exchanges and miners, fell behind.
Read more: Bitcoin Hits Another Record High, Tops $113,800 on Institutional Inflows
Winners: Strategy, Galaxy, and Bitcoin-Heavy Firms
Strategy (MSTR), known for holding the largest bitcoin
position among public companies, advanced 3.2%. Galaxy Digital (GLXY), a
provider of institutional crypto services, followed with a 4% gain.
Source: Strategy
Miners Ride and Stumble on BTC Gains
Several bitcoin miners saw their stocks rise as the
value of mined coins increased. MARA Holdings (MARA) added 4%, Hive Digital
(HIVE) gained 2%, and Riot Platforms (RIOT) edged up 1.5%.
Surprisingly, some high-profile names struggled.
Coinbase (COIN) fell 1% despite broader crypto enthusiasm. Circle Internet
(CRCL), the issuer of the USDC stablecoin, slid by 8%. Still, Circle’s stock remains
elevated, over six times its IPO price of $31 just a month ago.