Islamabad, July 11, 2025: Bitcoin soared past $116,000 on Friday, hitting a new record high amid strong macroeconomic drivers and on-chain activity. The jump — nearly 5% in the last 24 hours — continues its 2025 rally with BTC more than doubling its value compared to the same time last year.
The rise is caused by a mix of global interest rate cut expectations, a weakening US dollar, and a more crypto-supportive White House.
In a post on Truth Social, former President Donald Trump claimed markets were “through the roof,” crediting the spike to his tariff strategy and pushing the Federal Reserve to slash interest rates immediately. Investors are now factoring in deeper rate reductions — possibly as much as 3% — over the next year.
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Data from Coinglass shows that over $416 million in short positions were wiped out in the past 24 hours, further causing the surge. This kind of short squeeze forces bearish investors to buy back BTC quickly, driving prices even higher.
READ MORE: Bitcoin Hits New All Time High, Surges Past $75,000
At the same time, Bitcoin has moved into a “negative dealer gamma zone” between $112,000 and $120,000, according to Deribit data shared by Amberdata. Within this zone, market makers are required to keep buying as prices climb, potentially pushing volatility even higher.
Risk-driven assets are also on the rise, with Ethereum climbing above $2,900 and XRP gaining nearly 5%. Stocks tied to crypto, such as Coinbase and Robinhood, are also seeing sharp gains.
