$BTC

Bitcoin sets a record of over 120,000 USD

Escalating trade tensions have driven Bitcoin to a new peak price with a record of over 121,209 USD per coin, up nearly 30% since the beginning of the year.

Since the beginning of the year, BTC has increased by nearly 30%, equivalent to about 27,800 USD. Over the past 7 months, it has set 3 record price waves, each consisting of multiple consecutive peaks.

This move comes after U.S. President Donald Trump's decision to impose a 30% tariff on the EU and Mexico, starting from August 1. CoinDesk analysts believe that the new record marks Bitcoin's successful breakthrough after two days of the market sending overbought signals from short-term indicators.

The focus now shifts to U.S. inflation data expected to be released this week. Many predict that living costs will rise in June amid the trade war initiated by Trump.

According to market data platform FactSet, economists expect the Consumer Price Index (CPI) to increase by 0.25% from the previous month, equivalent to an annual increase of 2.6%. Core CPI, excluding volatile items such as food and energy, is forecasted to increase by 0.3% compared to May and 3% compared to the same period in 2024.

Risk assets, including Bitcoin, may wobble if inflation accelerates, delaying the Federal Reserve's interest rate cuts. However, many investors still believe that cryptocurrency has strong momentum from the increasing trend of businesses and financial institutions accepting BTC, with capital flowing into ETF funds steadily increasing and a positive legal outlook in the U.S.