🚀 Bitcoin Blasts Past $120k, Shatters Records as It Claims Spot Among Top 5 Global Assets

Bitcoin just rewrote the rulebook—again. The pioneer cryptocurrency surged past $120,000 today, entering uncharted price territory and elbowing its way into the world’s top 5 assets by market cap. Move over, gold and tech giants—there’s a new heavyweight in the ring.

### The No-Limits Rally

No resistance, no mercy. Bitcoin’s latest surge isn’t just a breakout—it’s a full-scale demolition of skeptics’ price targets. Traders watched in real-time as the digital asset vaporized sell walls like they were made of tissue paper.

### Wall Street’s Love-Hate Tango

Meanwhile, traditional finance titans are scrambling to explain how an ‘internet token’ now dwarfs 98% of S&P 500 companies. (Funny how those ‘bubble’ warnings get quieter with every zero added to the price.) Some banks are still waiting for that ‘correction’ they predicted at $30k… four years ago.

### The New World Order

With this leap, Bitcoin officially becomes the fifth-largest asset globally—flipping centuries-old institutions and commodities. Not bad for an asset that was supposedly ‘useless’ without physical backing. The irony? It achieved this while consuming less energy per dollar secured than the legacy financial system it’s disrupting.

### What’s Next? Gravity-Defying Mode Activated

Analysts are torn between calling this ‘the mother of all bull runs’ and refusing to call tops altogether. One thing’s certain: the rules of money are being rewritten—and the suits are still stuck on chapter one.

What is driving Bitcoin’s price performance?

The price rally comes as the US prepares for what has been dubbed “Crypto Week,” beginning July 14.

Lawmakers are expected to hold key hearings and votes on several digital asset-related bills, including the CLARITY Act, the Anti-CBDC Surveillance State Act, and the GENIUS Act.

Market observers view this wave of legislative activity as a possible turning point for regulatory clarity, which could unlock greater institutional participation.

Bitcoin has also seen strong inflows into U.S.-listed spot exchange-traded funds. According to SoSoValue, Bitcoin ETFs attracted over $2 billion last week alone. These figures underscore rising demand from institutional investors seeking direct exposure to Bitcoin.

Some firms, including Metaplanet, are following Strategy’s (formerly MicroStrategy) lead by adding Bitcoin to their Treasury reserves—a MOVE that further solidifies the asset’s long-term appeal.

Over $700 million in liquidations

While bulls celebrate the breakout, short traders are feeling the heat.

According to CoinGlass, the market’s rapid movement triggered $730 million in liquidations across the crypto space.

Of that, nearly $444 million came from Bitcoin positions, with short trades accounting for $435 million of the losses. One trader lost close to $100 million on a single short bet.

Notably, on-chain data from Hyperliquid also shows that crypto trader Qwatio was fully liquidated from his short position of 1,743 BTC, equivalent to $211 million, within three hours of the market breakout.

Interestingly, when priced in euros, Bitcoin has still not surpassed its high posted in January.