Bitcoin’s recent surge past $118,000 is not driven by Federal Reserve policy or equity market movements, according to analysts. Instead, the cryptocurrency’s breakout is attributed to factors such as spot ETF demand and corporate treasury strategies. The recent halving event and strong macroeconomic tailwinds, including potential rate cuts by the Fed, have also contributed to Bitcoin’s parabolic breakout.
Bitcoin (BTC) shattered its previous all-time high of $116,000 on July 11, peaking at $118,872 before settling near $117,300, pulling a 3% daily gain that masked the frenzy beneath the surface. Ethereum (ETH) outpaced BTC with a 7% surge, reclaiming $3,000 for the first time since February, while memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB) posted double-digit rallies.
According to Thomas Perfumo, Kraken’s global economist, Bitcoin is “breaking a months-long range”…
