Bitcoin's Record-Breaking Streak Is Only Half the Battle: Crypto Daybook Americas

By James Van Straten (All times ET unless indicated otherwise) Bitcoin, now priced at $85,480.74, has surpassed the $118,000 mark, but its true test lies in outperforming major assets like gold and the British pound. Since July 9, BTC has risen from $108,000 with minimal pullbacks, underscoring the bull run's strength. It has gained 60% since its April lows, when market concerns over tariffs led to a downturn. Notably, bitcoin has overtaken gold in year-to-date performance for the first time since February, with a 27% increase compared to gold's 26%. The recent gains have led to significant liquidations, as the $112,000 level - the previous all-time high - was a heavily defended position. The unwinding of heavy short positions has fueled further upside momentum, with U.S. crypto stocks also rising in pre-market trading. The Bitcoin network hash rate, a measure of the computational power used to mine the proof-of-work blockchain, has rebounded above 915 exahashes per second (EH/s), signaling robust network participation. A substantial difficulty adjustment of over 7% is likely to occur over the weekend. Looking ahead, the key risk that could disrupt bitcoin's momentum is the upcoming U.S. inflation data, set to be released on July 15. Last month, headline inflation was 2.4%, while core inflation was 2.8% year over year. For any hopes of rate cuts to remain intact, these numbers will need to trend lower. Key events to watch include token events, conferences, and the CoinDesk Policy & Regulation conference, a one-day boutique event in Washington on Sept. 10, where general counsels, compliance officers, and regulatory executives can meet with public officials responsible for crypto legislation and regulatory oversight. Use code CDB10 for 10% off your registration through July 17.