Expectations Continue Ahead of Next Week's 'Crypto Week'
Bitcoin, which recently reached an all-time high driven by the so-called 'Nvidia effect' and expectations of benefiting from virtual asset policies being promoted by the Donald Trump administration, is showing signs of taking a breather on July 12.
According to U.S. virtual asset exchange Coinbase, as of 9:53 a.m. on this day (Korea Standard Time), the price of Bitcoin stands at $117,374. This represents a 1.45% increase from the previous day, an 8.56% rise compared to one week ago, and an 8.13% gain from one month ago. The one-year return is 98.21%.
Bitcoin recently surpassed the $112,000 mark for the first time ever, breaking the previous record set on May 22, and then gained further momentum the previous day. Around 6 p.m. the previous day, it climbed to the $118,800 range, approaching the $119,000 level. However, after this surge, profit-taking led to a partial pullback in gains.
Major altcoins (virtual assets excluding Bitcoin) also remain strong. Ethereum, the leading altcoin, is up 0.33%, while XRP (Ripple) is up 6.99%, Tether 0.03%, and BNB 0.41%. However, Solana is down 0.63%.
The Bitcoin rally has been fueled by inflows of institutional funds through exchange-traded funds (ETFs). According to virtual asset market analysis platform SosoValue, Bitcoin ETFs saw an inflow of $1.18 billion on July 10 alone. This is the largest amount so far this year.
In the market, it is observed that the continued rally in tech stocks, led by Nvidia and other big tech companies last week, has also improved investor sentiment toward virtual assets. U.S. financial media outlet CNBC analyzed, "When the market is in risk-on mode and investors put money into growth-oriented assets like tech stocks, cryptocurrencies also tend to rally alongside."
In addition, optimism about the virtual asset market has grown ahead of the so-called 'Crypto Week' in the U.S. House of Representatives next week, during which the so-called 'three virtual asset bills' will be addressed. French Hill, chairman of the House Financial Services Committee (Republican, Arkansas), announced the previous day that the coming week would be 'Crypto Week' in the House. The House is set to discuss three virtual asset bills next week, including the 'GENIUS' bill, which regulates stablecoins.
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