Bitcoin (BTC-USD) soared to a fresh all-time high on Thursday, crossing the $113,000 mark as investor sentiment turned decisively risk-on across markets.
The rally coincided with Nvidia’s (NVDA) climb to a historic $4 trillion valuation, underscoring Bitcoin’s continued correlation with the broader tech sector. The Nasdaq Composite (^IXIC) notched another record on Wednesday, while the S&P 500 (^GSPC) was on track to follow suit Thursday.
“Historically, Bitcoin has remained highly correlated with tech stocks, and this correlation is still playing out,” noted Nic Puckrin, founder of the Coin Bureau.
So far in 2025, Bitcoin has surged roughly 21%, fueled in part by supportive signals from the Trump administration, including the creation of a strategic Bitcoin reserve and broader federal efforts to bolster digital asset infrastructure.
Notably, the cryptocurrency has spent the last two months trading within a narrow $10,000 band — a rare period of calm for the historically volatile asset. That consolidation, Puckrin suggests, may have set the stage for this breakout. “If BTC makes a convincing break through the ATH level, then further profit taking can be expected around the $115,000 mark,” he wrote. “Either way, this isn’t the big final rally everyone is waiting for — just a quick release of pressure.”
The timing of Bitcoin’s move comes just ahead of the U.S. Congress’s upcoming “Crypto Week,” set to begin July 14. Lawmakers will review a series of key bills that could reshape the industry’s regulatory landscape.
“A favorable outcome could accelerate institutional inflows, reinforcing Bitcoin’s role as a macro asset and strengthening confidence in compliant crypto platforms,” said Jesse Jarvis, CEO of crypto data provider Kaiko.
Among the bills under review is the GENIUS Act, which recently passed the Senate and proposes a national framework for stablecoins. Shares of Circle (CRCL), the issuer of USDC (USDC-USD), rose 2% Thursday, extending gains to over 500% since its June 5 IPO.
Crypto-exposed stocks rallied alongside Bitcoin. Robinhood (HOOD) jumped 4.4%, while Coinbase (COIN) rose 4.0% on the day.
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