BTC Breaks to $116,000 All-Time High, Triggering $1B in Short Liquidations: Live Market Coverage

Bitcoin Smashes New Record Above $116K, Liquidates Nearly $1B in Shorts as Analysts Eye $120K

Bitcoin has vaulted to a fresh all-time high above $116,000, surging past $113,800 on Thursday and extending a powerful rally that’s seen the world’s biggest cryptocurrency nearly double in value over the past year.

At one point during the U.S. trading session, bitcoin touched $115,469, up about 4.3% in 24 hours, according to CoinDesk data. A year ago, BTC was trading at $57,899, underscoring just how dramatically the asset has climbed despite bouts of volatility.

Now, market participants are debating whether bitcoin can keep the momentum going toward $120,000—or whether this rally could be short-lived.

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Nearly $1B in Shorts Wiped Out

— Krisztian Sandor, CoinDesk Markets Reporter (22:40 UTC)

Thursday’s price spike delivered pain to bearish traders, triggering over $950 million in liquidations of leveraged short positions across crypto markets, the highest single-day figure this year, according to CoinGlass. Short sellers, who bet on falling prices, were forced to cover their positions as BTC shot higher.

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Prediction Markets See BTC at $140K

— Aoyon Ashraf, Head of Americas (22:28 UTC)

In the prediction markets, optimism is running hot. Traders on Kalshi are wagering that bitcoin could reach $141,000 by year-end, driven by recent price momentum and bullish sentiment.

Echoing this view, Gerry O’Shea, head of global market insights at Hashdex, wrote in a note:

“While macro conditions remain uncertain, we believe the bull market is far from over. New catalysts, like more institutional platforms offering bitcoin exposure, could help propel BTC to $140,000 or higher this year.”

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Michael Saylor Sees Billions on Paper

— Aoyon Ashraf, Nikhilesh De (22:05 UTC)

Among the biggest beneficiaries of bitcoin’s rally is Michael Saylor, executive chairman of MicroStrategy. Posting triumphantly on social media, Saylor remarked:

“The halls of eternity echo with the cries of those who sold their Bitcoin.”

MicroStrategy has accumulated 597,325 BTC since 2020, effectively acting like a proxy bitcoin ETF before such products existed in the U.S. At current prices, the firm’s holdings are worth approximately $69.29 billion.

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Echoes of 2017, but With a New Backdrop

— Nikhilesh De, CoinDesk Managing Editor for Global Policy & Regulation (22:05 UTC)

Bitcoin’s rally brings back memories of December 2017, when prices raced to just under $20,000 for the first time. Yet the landscape today in July 2025 is starkly different:

• Interest rates are higher.
• Far more institutional capital is invested.
• Regulatory scrutiny has increased.
• Crypto participation has grown exponentially.

Despite the similarities in price exuberance, the drivers and risks are markedly new.

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Analysts Call for $120K—Or Higher

— Aoyon Ashraf, Head of Americas (21:42 UTC)

Some believe BTC’s surge could continue swiftly. Ryan Gorman, Chief Strategy Officer at Uranium Digital, sees a confluence of bullish forces, citing growing corporate treasury adoption, President Trump’s supportive crypto statements, and the upcoming “Crypto Week” in Washington D.C.

“Momentum is building across sectors and regions. Coupled with bullish options positioning and thin summer trading volumes, we could easily see bitcoin hit $120,000 before the end of next week.”

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Fresh Record on Coinbase

— Aoyon Ashraf, Head of Americas (21:20 UTC)

Bitcoin briefly touched $116,221 on Coinbase, setting new records across major exchanges. The latest surge highlights the high-speed volatility that defines crypto markets, particularly during major breakouts.

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Macro Factors Fueling BTC’s Ascent

— Aoyon Ashraf, Head of Americas (20:20 UTC)

Bitcoin’s rally may also be tied to macroeconomic speculation. According to The Kobeissi Letter, a potential 3% cut in the federal funds rate—a move suggested by Trump—could save the U.S. government $2.5 trillion over five years. Yet the same analysis warns that aggressive cuts could spark inflation above 5%, weaken the dollar by over 10%, and propel asset prices—including bitcoin, gold, and stocks—even higher.

There’s also chatter that Trump might seek to replace Fed Chair Jerome Powell before his term ends, potentially speeding up monetary easing and boosting alternative assets.

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Calm Derivatives Market—for Now

— Krisztian Sandor, CoinDesk Markets Reporter (20:08 UTC)

Despite the price surge, funding rates in perpetual futures remain neutral across major cryptocurrencies, suggesting there’s not yet excessive speculation driving the rally. As Charlie Morris of ByteTree noted:

“Crypto feels quiet. But the quiet bulls are the best.”

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Altcoins See Modest Gains

— Tom Carreras, CoinDesk Markets Reporter (19:50 UTC)

Altcoins are enjoying more restrained gains, with most large caps up between 2% and 5%. Notable standouts include:

• SUI, up 12.4%
• PEPE, up 8.6%
• DOGE, up 6.3%

Meanwhile, the CoinDesk 20 Index advanced 3.2%.

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Market Makers May Add Volatility

— Omkar Godbole, CoinDesk Co-Managing Editor for Markets (19:45 UTC)

Options data from Deribit shows bitcoin is in a “negative dealer gamma zone” between $112,000 and $120,000. This means market makers may need to buy more BTC as prices rise to stay hedged, potentially amplifying upward price swings.

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BTC/USD ATH Driven by Dollar Weakness?

— Nikhilesh De, CoinDesk Managing Editor for Global Policy & Regulation (19:20 UTC)

Some observers caution that bitcoin’s new high might reflect dollar weakness rather than pure BTC strength. For example, BTC/EUR remains below its record from January. As one analyst put it:

“A big reason for bitcoin’s dollar ATH is the devaluation of the USD.”

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Crypto Stocks Surge

— Helene Braun, CoinDesk Markets Reporter (19:12 UTC)

The bitcoin breakout is lifting crypto-related stocks:

• Robinhood (HOOD) and Coinbase (COIN) rose over 3%.
• Miners like Hut 8, Bitfarms, and HIVE Digital gained more than 4%.
• Stablecoin issuer Circle (CRCL) edged higher by 0.4%.

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A New Cycle—and New Buyers

— James Van Straten, CoinDesk Bitcoin Analyst (18:55 UTC)

Unlike the 2021 bull run’s second half, driven heavily by leverage and derivatives, this rally has fresh drivers, including corporate treasuries and the prospect of a crypto-friendly White House. However, technical indicators remain mixed:

• The daily RSI has shown bearish divergence.
• Trading volumes have softened since January’s earlier highs.
• BTC remains under its highs against the euro and pound, suggesting the dollar’s slide is playing a part.

Some trading firms remain cautious—but as history shows, they were skeptical during the rally from $30,000 to $70,000 in the last cycle as well.

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The key question now: Will bitcoin keep charging toward $120,000—or is this rally due for a breather? Stay tuned as the market narrative evolves.

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