Bitcoin Soars to $118K as U.S. Declares Crypto Week and $2T Market Cap Becomes the Norm

Bitcoin has solidified its new baseline above $100K with a market cap over $2 trillion, fueled by regulatory optimism, ETF inflows, and political support in the U.S.

Last week marked a monumental shift for Bitcoin as it shattered previous records, pushing its market capitalization beyond the $2 trillion mark—surpassing the valuation of several major U.S. corporations.

Bitcoin now appears to be settling into a new baseline above $100,000. This bullish trend unfolded even as U.S. stocks retreated and gold surged for a fourth straight day, signaling a potential divergence between traditional markets and digital assets.

Crypto bears were caught off guard as Bitcoin’s price explosion led to over $1 billion in short liquidations within a single day. According to Coinglass, 279,000 traders were wiped out, with a single position on HTX losing $88.5 million—the year’s highest.

The surge was catalyzed by an announcement from President Trump, triggering a sharp equities sell-off late Thursday, while Bitcoin surged past $118K. Some options traders are already eyeing the $150K mark.

Major tokens including Ether and Cardano mirrored this bullish trend, contributing to a broader crypto market uplift.

Positive momentum is further supported by a spike in ETF inflows and U.S. lawmakers naming the upcoming legislative window “Crypto Week.” Meanwhile, China is reportedly reconsidering its four-year ban on digital-asset speculation.

Analysts attribute the rally to several converging factors: Bitcoin’s appeal as a hedge, technical breakouts, and sustained institutional interest. The contrast between equities and crypto following Trump’s April 2 tariff shock—“Liberation Day”—was stark, with Bitcoin recovering faster than the S&P 500.

On Friday, BTC touched nearly $119,000, while Ether breached $3,000 for the first time since February. Thursday saw the second-largest daily inflows for token-focused funds.

Capitol Hill also added fuel to the fire: lawmakers are debating the GENIUS and CLARITY Acts, both seen as critical for regulatory clarity. The latter proposes to divide oversight duties between the SEC and CFTC.

Senate discussions reflect partisan divisions—Republicans push for a lenient approach, while Democrats highlight risk. Yet progress is underway, with the Banking Committee aiming to finalize market structure legislation by September 30.

Trump’s branding as the “crypto president” and his push for friendlier policies have drawn attention—both praise and concern. Critics fear regulatory overreach or conflicts of interest involving his family’s crypto ventures.

On the technical front, TradingView’s BTCUSD indicator flashes “Strong Buy,” supported by oscillators and moving averages. InvestTech gives BTC a score of 93/100, noting a breakout from horizontal consolidation and a bullish continuation pattern above $107,710.

Bitcoin’s RSI is over 70, reflecting strong momentum. No major resistance levels are visible, while support is firm around $109,000. The medium-term outlook is also bullish, showing a stable upward trend channel.

Derivatives data backs this up—SoSoValue reports $663.95M in net open interest, suggesting further ETF inflows. As of July 11, ETFs now represent 6.43% of Bitcoin’s market cap.

In summary, Bitcoin appears technically and fundamentally strong, buoyed by legislative support, institutional inflows, and political endorsement.

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