**Bitcoin Reaches New All-Time High of $113,900 Amid Growing Adoption**
Bitcoin has officially set a new all-time high (ATH) of $113,900, just a day after reaching $112,000. This surge marks a continuation of its bullish trend that began in late June. Remarkably, only 18 days ago, Bitcoin was trading around $98,000. Today’s milestone underscores the increasing global recognition of Bitcoin as both a store of value and a strategic asset.
In recent hours, approximately $50 million in Bitcoin short positions were liquidated, with over $1.5 billion in short positions poised for liquidation at the $120,000 mark, according to Coinglass data. If Bitcoin maintains its upward momentum, a significant short squeeze could occur, compelling bearish traders to buy back in at elevated prices, further driving the price upward.
Polymarket, the largest betting platform globally, indicates an 80% probability of Bitcoin reaching $115,000 by the end of July, with a 44% chance of hitting $120,000. Additionally, Federal Reserve Board Member Christopher Waller has hinted at the possibility of interest rate cuts this month, which could further propel Bitcoin’s price.
Former President Donald Trump, who has been vocal about urging the Federal Reserve to lower interest rates, commented on Bitcoin’s price increase on his Truth Social account, stating, “CRYPTO, ‘Through the Roof.’ FED SHOULD RAPIDLY LOWER RATE TO REFLECT THIS STRENGTH.”
In a noteworthy development, it was reported that 99.85% of all Bitcoin addresses are currently in profit, a figure that reached 100% as Bitcoin surpassed the $113,900 threshold.
Since November 16, 2022, El Salvador has been consistently acquiring Bitcoin for its treasury reserves, amassing over 6,233 BTC. Following today’s price surge, the value of El Salvador’s Bitcoin reserves has exceeded $700 million.
As Bitcoin continues to gain traction and recognition, its future looks increasingly promising, with potential implications for both investors and the broader financial landscape.
**FAQ**
*What factors are contributing to Bitcoin’s recent price surge?*
Several factors are driving Bitcoin’s recent price increase, including heightened adoption as a store of value, potential interest rate cuts by the Federal Reserve, and significant short liquidations that could trigger further upward momentum.
