Crypto Market Recap: Bitcoin Hits New All-time High as ETF Inflows and Legislation Align

Bitcoin and Ethereum price update

Bitcoin (BTC) was priced at US$118,036 at the end of the trading day, its highest valuation on Friday and a 4.1 percent increase in the last 24 hours. Earlier on Friday, Bitcoin saw a low of US$116,847.

Bitcoin price performance, July 11, 2025.

Chart via TradingView.

Bitcoin’s surge to a new all-time high of US$118,000 confirms a breakout above key resistance levels.

Glassnode confirms a US$4.4 billion increase in realized cap, indicating real capital inflows rather than just speculative trading. Based on data from the MVRV oscillator over the past four years, market analyst Axel Adler Jr. suggests that Bitcoin could reach approximately US$130,900 when the MVRV ratio hits 2.75, a level historically linked to profit taking and distribution. This would mark a 17 percent increase from current prices.

Some analysts have upside targets as high as US$150,000 in the weeks ahead.

The popular cryptocurrency’s rise came as investors cheered bipartisan US Senate passage of the GENIUS Act — a bill that would establish regulatory guardrails for stablecoins. The act would codify requirements for fiat-pegged stablecoins, offering investor protections while legitimizing the sector in the eyes of institutional capital.

Optimism was also supported by a softer US dollar and the Trump administration’s crypto-friendliness.

Bitcoin exchange-traded funds tracking Bitcoin have posted record volumes, drawing billions in net inflows.

Ethereum (ETH) was priced at US$3,001.99, up by 6.6 percent over the past 24 hours and just shy of an earlier peak of US$3,003.01. Its lowest valuation on Friday was US$2,593.05. ETH’s recent breakout is supported by bullish indicators suggesting a potential rally to US$3,400 if it can overcome resistance levels.

Altcoin price update

• Solana (SOL) was priced at US$164.25, up by 3.1 percent over 24 hours. Its lowest valuation on Friday was US$162.25, and its highest was US$167.55.

• XRP was trading for US$2.85, up 13.9 percent in the past 24 hours. The cryptocurrency’s lowest valuation was US$2.69 as the markets opened, and its highest was US$2.91.

• Sui (SUI) is trading at US$3.51, up by 2.7 percent over the past 24 hours. Its lowest valuation was US$3.45, and its highest was US$3.56.

• Cardano (ADA) is priced at US$0.7419, up by 13.7 percent in the last 24 hours. Its lowest valuation on Friday was US$0.7281, and its highest was US$0.7721.

Today’s crypto news to know

Ties between Trump coin and Binance under scrutiny

According to a Friday Bloomberg report citing three people familiar with the matter, cryptocurrency exchange Binance helped write the code behind USD1, the stablecoin issued by World Liberty Financial.

World Liberty Financial is one of the crypto businesses tied to US President Donald Trump and his family.

The report cites Abu Dhabi-based investment firm MGX’s announcement of a US$2 billion investment in Binance on March 12 using a then-unnamed stablecoin. Later, in May, co-founder Eric Trump said that the company would settle the investment using USD1, which was minted on the BNB chain on March 24.

The report found that 90 percent of the USD1 coins used in that transaction were still in Binance’s wallets as of Friday, where they are potentially generating tens of millions of dollars in interest for Trump and his family.

The report comes with three stablecoin bills poised for Congressional hearings and votes next week. Members of Congress have been divided over certain aspects of the legislation, with Trump’s financial ties to the industry a topic of scrutiny across the political spectrum and among various stakeholders in the financial and crypto communities.

Changpeng Zhao, former CEO of Binance, served four months in federal prison after pleading guilty to one felony count of violating anti-money laundering laws as part of a settlement with US authorities in 2023.

In May, Zhao said he was seeking a presidential pardon from Trump. In response to the new report, Zhao denied Binance’s involvement with World Liberty Financial, as well as the purchase of any World Liberty Financial coins.

Trump-linked $WLFI token gets US$100 million buy from anonymous entity

A little-known group called Aqua 1 Foundation became the largest public investor in World Liberty Financial’s crypto token $WLFI, buying US$100 million worth of the token in late June.

According to Reuters, though the foundation says it is based in the United Arab Emirates, public records offer no clarity on the group’s financial backers or its supposed founder Dave Lee.

The token purchase directly benefits the Trump family, which reportedly receives 75 percent of all $WLFI proceeds; the family’s estimated crypto earnings have now topped US$500 million.

While Aqua 1 said in a brief statement it was backed by ‘mission-aligned partners,’ it declined to offer transparency on its structure, citing privacy. US ethics experts have raised concerns over potential conflicts of interest, despite the White House stating Trump’s assets are in a trust managed by his children.

World Liberty and Trump Media & Technology Group (NASDAQ:DJT) did not respond to press inquiries.

HIVE Digital shares pop on new milestone

Hive Digital Technologies (TSXV:HIVE,NASDAQ:HIVE) opened higher on Friday after the company announced a milestone hashrate of 12 exahashes per second (EH/s), effectively doubling its output since the beginning of the year.

The company anticipates further scaling its operations to achieve 18 EH/s.

This increase in hashrate is already generating over US$250 million in annualized revenue for HIVE Digital. Projections indicate this figure could rise to US$400 million once the 18 EH/s hashrate is achieved.

“We’re building high-performance campuses at hyper speed, turning Paraguay into a global hub for sustainable Bitcoin mining data centers and laying the groundwork for the AI data center era now soaring,” said Frank Holmes, co-founder and executive chair of HIVE, in a press release.

HIVE’s rapidly expanding operations in Paraguay, a region strategically chosen for its abundant and affordable hydroelectric power, are a major driver of its growth and a focal point for the company’s future.

Beyond the technological advancements and production increases, the company is also committed to making a difference in the local communities. “We’re not just building data centers — we’re creating economic opportunity, delivering social impact by lighting the streets of Valenzuela at night and installing air conditioning in local grade schools, and developing digital infrastructure on a scale few thought possible,” said Gabriel Lamas, HIVE’s country president.

EU regulator warns crypto firms over misleading investors

The European Securities and Markets Authority (ESMA) warned crypto platforms against blurring the distinction between regulated and unregulated products under MiCA, the EU’s new crypto framework.

ESMA said many crypto firms are offering both compliant and non-compliant services on the same platform, creating investor confusion and undermining MiCA’s consumer protections. Under MiCA, only firms licensed as crypto asset service providers are allowed to market specific financial products across the EU.

However, direct investments in commodities or crypto lending still fall outside the scope of those protections. ESMA also criticized some firms for using their regulated status as a marketing tactic to legitimize riskier services.