Bitcoin Breaks Records with Wall Street Boost

Hold on tight! The king of cryptocurrencies is in rocket mode, propelled by an epic combination of traditional market optimism and institutional frenzy.

Bitcoin (BTC) made history again, shattering its own record by trading above $112,000. This impressive rally is no coincidence; the crypto market has caught the frenzy of Wall Street bullishness, which saw tech giant Nvidia fuel optimism, dragging risky assets like the largest cryptocurrency by market capitalization with it.

At the time of reporting, Bitcoin was up 1.74% with a significant increase in trading volume, which traders are interpreting as a valuable bullish signal. TradingView

The Domino Effect: Institutional Money and Corporate Treasuries to the Rescue

Bitcoin's current bull run is a testament to the growing interest from institutional investors. Demand through Bitcoin ETFs is near record highs, with Assets Under Management (AUM) approaching all-time highs at $137.9 billion. This influx of institutional capital is validating Bitcoin's narrative as a legitimate and attractive asset for large funds and corporations.

But it's not just ETFs that are driving the price. An increasingly relevant phenomenon is the decision by companies to incorporate Bitcoin into their treasuries. Recently, the renowned design company Figma surprised by announcing in its S-1 filing that it holds $70 million in Bitcoin ETF shares and has allocated an additional $30 million in USDC for the direct purchase of Bitcoin. This strategic move underscores the growing confidence in Bitcoin as a store of value and an asset to diversify corporate balance sheets.

The Breakout Everyone Was Expecting

Bitcoin's roar resonated loudly in the Binance spot market, where it touched $112,000. But the euphoria was even greater in the futures market, where it surpassed that mark to set a new all-time high. This move is crucial from a trading perspective: BTC broke upwards from a bearish channel that had been in place on the daily chart since May 22.

At the time of reporting, Bitcoin was up 1.74% with a significant increase in trading volume, which traders are interpreting as a valuable bullish signal. Furthermore, the cryptocurrency remains in an underlying uptrend, trading comfortably above the EMA50 and EMA200, key indicators that confirm the strength of its momentum.

Disclaimer: This news is for informational and educational purposes only. It does not constitute financial advice. Investing in cryptocurrencies involves significant risks, and it is recommended to conduct extensive research and consult with a professional before making any investment decisions.