Bitcoin Breaks Through Ceiling, Pauses After Surpassing $118,000

Korea Economic Daily

Summary

After renewing its all-time high, Bitcoin is showing signs of temporary pause due to short-term selling pressure.
It was reported that Bitcoin Exchange Traded Funds (ETF) have seen inflows totaling $1.18 billion, the largest so far this year.
Upcoming discussions on the 'three crypto bills' in the U.S. House of Representatives next week are influencing optimism in the market.

$1.18 Billion Inflows to ETF the Previous Day

Largest Amount This Year

*Virtual currency prices are displayed at Bithumb Lounge Gangnam Main Branch in Seocho-gu, Seoul. Photo = Lim Hyung-taek*

After hitting a record high, Bitcoin—the leading cryptocurrency—showed signs of consolidation on the 11th (local time).

According to U.S. crypto exchange Coinbase, at 7:33 p.m. Eastern Time (4:33 p.m. Pacific), the price of one Bitcoin traded at $117,584. This is up 1.56% from 24 hours ago, but slightly lower compared to when it nearly touched the $119,000 mark.

On the 9th, Bitcoin surpassed the $112,000 level for the first time ever, breaking the previous record set on May 22, and continued its accelerated rise the next day. On the morning of this day, it climbed to the $118,800 range, approaching the $119,000 level, but met strong selling pressure and is currently trading in the $117,000 range.

Optimism for the crypto market grew ahead of the U.S. House of Representatives' so-called 'Crypto Week' next week. Previously, French Hill, chairman of the House Financial Services Committee (R-Arkansas), announced that the coming week would be 'Crypto Week' in the House. The House will address three crypto-related bills, including the GENIUS Act (Governing and Enabling National Innovation in the United States Act), which is a stablecoin regulation bill. The market hopes that the bills' passage may give momentum to pro-crypto policies of the Donald Trump administration.

However, due to a more than 7% jump over two days, a large amount of sell orders for profit-taking poured in, leading to this moment of pause. According to crypto market analysis platform SosoValue, a total of $1.18 billion was funneled into Bitcoin ETFs on the 10th alone. This is the largest amount so far this year.

At the same time, Ethereum, the second-largest cryptocurrency by market cap, which briefly recovered the $3,000 level, was priced at $2,954. XRP (Ripple), which nearly reached $3, traded at $2.72. Solana and Dogecoin traded at $162 and $0.20, up 0.84% and 4.10% over the past 24 hours, respectively.

Ahn Hye-won, Hankyung.com reporter anhw@hankyung.com