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Bitcoin is up roughly 20% this year.
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Bitcoin hit a high above $112,000 on Wednesday, its first record high since May.
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The cryptocurrency is now up roughly 20% on the year after falling below $100,000 in June.
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Continued adoption of the cryptocurrency as a reserve asset is expected by some experts in the second half of 2025.
Bitcoin rose to a new high on Wednesday, rising above above $112,000 after failing to break through the $110,000 level several times in recent days.
Bitcoin is up roughly 20% on the year after briefly dipping below $100,000 in late June. Its previous high was set in May; the world’s largest cryptocurrency quickly moved back below $112,000 on Wednesday and traded recently around $111,000.
According to Coinglass, there were nearly $340 million in liquidations involving bitcoin short positions on various exchanges in the four hours around the time the new all-time high was established.
According to some industry experts, companies are expected to continue taking on bitcoin as a reserve asset in the second half of 2025. Many bitcoin holders are also still holding onto hope that the U.S. government will establish a strategic bitcoin reserve before the end of the year, though the perceived odds of that happening have fallen substantially this year, according to Polymarket.
Crypto exchange Coinbase Global (COIN) and bitcoin treasury company Strategy (MSTR) were both up roughly 5% on the day. Stocks generally rose Wednesday, with the tech-focused Nasdaq Composite finishing at its own high.
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