Bitcoin broke its July record, reaching a new high of $124,496 on Wednesday, while ether edged closer to its all-time high of $4,866.01. However, both coins took a hit Thursday following hotter-than-expected wholesale inflation data in July. Bitcoin fell 3.7% to $118,045.99 and ether dropped 4.1% to $4,532.27.
The recent surge in the cryptocurrency market was sparked by cooler-than-expected July inflation data, which lifted investor optimism for rate cuts from the Federal Reserve at its September policy meeting. The coins rallied with the stock market for two days on Tuesday.
Treasury Secretary Scott Bessent’s comments also added to the volatility Thursday, stating that bitcoin forfeited to the federal government would be used to form a strategic bitcoin reserve established by President Trump in March. The US Treasury plans to explore “budget-neutral pathways” to acquire more Bitcoin for the reserve.
For the week, bitcoin is on pace for a 1% gain, while ether has rallied 12%. Analyst Jake Kennis notes that the strong flows and institutional buying have created room for further price growth. Crypto expert Ben Kurland believes that the recent rally signals broad market conviction, driven by institutional adoption, real-world integration, and global liquidity. The momentum is seen as a step towards crypto being considered an essential asset in global portfolios.
Source: https://www.cnbc.com/2025/08/14/crypto-market-today.html