Coinbase Sees Bitcoin Surge Past $123K as Rally Eyes $125K Milestone
Bitcoin achieved a historic milestone by surpassing $123,824 on Coinbase, driven by softer US inflation data and heightened institutional demand. The cryptocurrency's rally now sets its sights on the $125,000 threshold, with market Optimism fueled by expectations of a Federal Reserve rate cut in September.
Bitcoin Price Surges Past $123K as Rally Targets $125K
Bitcoin surged to a fresh record high, breaching $123,824 on Coinbase before settling near $121,100 in late trading. The cryptocurrency now eyes the psychologically significant $125,000 level, buoyed by softer-than-expected US inflation data. July's CPI rose 2.7% annually, aligning with June's figure and slightly below forecasts, amplifying expectations of a Federal Reserve rate cut in September to nearly 94%.
Institutional demand remains a cornerstone of the rally. US-listed Bitcoin ETFs have attracted $1 billion in net inflows over five days, with BlackRock's IBIT fund leading at $111 million on Tuesday alone. Total Bitcoin ETF exposure now exceeds $153 billion, while ethereum ETFs have also seen robust inflows, including a $1 billion single-day surge.
The broader crypto market mirrors this momentum, with total capitalization climbing 2.84% to $4.17 trillion. Corporate activity adds fuel, as Japan's Metaplanet recently acquired 518 BTC for $61.4 million, underscoring growing institutional adoption.
Thumzup Media Raises $50M for Crypto Mining Expansion, Backed by Donald Trump Jr.
Thumzup Media Corporation, with backing from Donald Trump Jr., has secured $50 million to scale its cryptocurrency mining operations and digital asset portfolio. The funding will drive investment in energy-efficient Bitcoin mining infrastructure while diversifying its holdings across Bitcoin, Ethereum, Dogecoin, and Solana.
A strategic partnership expansion with Coinbase establishes a Bitcoin-backed credit facility, amplifying Thumzup's growth capacity. This positions the company as a rising force in crypto markets, capitalizing on Bitcoin's recent bullish momentum.
Ethereum Faces Volatility Amid Whale Activity and Leverage Risks
Ethereum's price trajectory hangs in the balance as market makers and whales trigger turbulence. Analyst Ash Crypto flags cascading liquidation risks, with Leveraged long positions now vulnerable after a short squeeze. ETH's 2.7% surge to $4,750 masks growing instability—every 1% move could unleash disproportionate liquidations given current open interest.
Coinbase data reveals exchanges' price formation strategies may exacerbate swings. The market microstructure appears fragile: liquidity-dependent events now function as volatility amplifiers rather than stabilizers. Traders ignoring margin management protocols risk being caught in the downdraft when positions unravel.
