Bitcoin continues to accelerate, breaking the $113,000 mark

The cryptocurrency's price action coincided with a surge in shares of AI giant Nvidia, pushing the company's market capitalization to $4 trillion, highlighting the close relationship between the cryptocurrency market and tech stocks.

Previously, the Nasdaq Composite technology index set a new record in the session on July 9, and the S&P 500 index is also on track to conquer a similar milestone on July 10.

Nic Puckrin, a cryptocurrency analyst and founder of Coin Bureau, said bitcoin has always had a high correlation with tech stocks, and this correlation is still being maintained.

The coin has gained about 21% year-to-date, helped by crypto-friendly policies from the Trump administration, including the creation of a strategic bitcoin reserve and a larger digital asset reserve.

For the past two months, bitcoin has traded in a tight range around $10,000, an unusually stable period compared to its volatile history.

Puckrin said bitcoin could hit $115,000. The breakout also comes just days before the US Congress kicks off its much-anticipated “Crypto Week” on July 14. Lawmakers will debate a series of bills that could shape the regulatory framework for the entire industry./.

According to VNA

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