Bitcoin rises to fresh record above $112,000, helped by Nvidia-led tech rally
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Bitcoin hit a fresh record on Wednesday afternoon as an Nvidia-led rally in equities helped lift the crypto's price into the stock market close.
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3 min read
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cryptocurrency
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July 9, 2025
10:19 PM
CNBC
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Bitcoin topped $112,000 on Wednesday afternoon, notching a new record
The flagship crypto's rise came on a day when investors returned to risk-on mode, driving the -heavy Nasdaq Composite to a record close
Bitcoin has been trading in a tight range in recent weeks
CM= your favorite stocksCREATE FREE ACCOUNTThe logo of the cryptocurrency Bitcoin can be seen on a coin in front of a Bitcoin chart
Silas Stein | Picture Alliance | Getty ImagesBitcoin hit a fresh record on Wednesday afternoon as an Nvidia-led rally in equities helped push the price of the cryptocurrency higher into the stock market close
The price of bitcoin was last up 1. 9%, trading at $110,947. 49, according to Coin Metrics
ET, it hit a high of $112,052. 24, surpassing its May 22 record of $111,999
The flagship cryptocurrency has been trading in a tight range for several weeks despite billions of dollars flowing into bitcoin exchange traded funds
Bitcoin purchases by public companies outpaced ETF inflows in the second quarter
Still, bitcoin is up just 2% in the past month
Stock Chart IconStock chart iconBitcoin climbs above $112,000On Wednesday, stocks rallied as Nvidia became the first company to briefly touch $4 trillion in market capitalization
In the same session, investors appeared to shrug off the tariff developments from President Donald Trump
The -heavy Nasdaq Composite notched a record close
While institutions broadly have embraced bitcoin's "digital gold" narrative, it is still a risk asset that rises and falls alongside stocks depending on what's driving investor sentiment
When the market is in risk-on mode and investors buy growth-oriented assets stocks, bitcoin and crypto tend to rally with them
Investors have been expecting bitcoin to reach new records in the second half of the year as corporate treasuries accelerate their bitcoin buying sprees and Congress gets closer to passing crypto legislation. "With crypto week on the horizon next week in DC, and a ly flood of positive momentum heading into the dog days of summer, bullish sentiment and thinner trading volumes could see prices gap up to $120,000 or higher by the end of next week," said Ryan Gorman, chief strategy officer at Uranium Digital, a focused on the uranium market through tokenization. "How far we rally through the summer is anyone's guess, but open call interest outweighs puts, which normally reveals traders are bullish and expect upward price momentum to continue. "Don't miss these cryptocurrency insights from CNBC : These stocks are the best way to play the crypto space in the second half, Wolfe saysInvestors expect bitcoin to break out to new records in the second half from a consolidation phaseWhy bitcoin isn't rallying even with billions of dollars in ETF inflowsThis stock tied to crypto has been on fire since its IPO
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