Bitcoin has broken new highs for two consecutive days, driven by institutional Build a Position and favourable macro information.

Bitcoin (BTC) price on July 10th (Thursday) once again set a historical record, reaching 113,358.50 USD, achieving a historical high for the second consecutive day, with an increase of 96.2% compared to the same period last year.

Gate market shows that BTC is currently at $115,549.3, with a 24-hour rise of 4.404%.

The key factors driving this round of Bitcoin’s surge include the continuous influx of institutional funds into Bitcoin spot ETFs, the current favorable macroeconomic environment, and the increasing number of companies incorporating BTC into their financial reserves. As the U.S. policy environment becomes more cryptocurrency-friendly, both retail traders and institutional investors hold a bullish outlook. Meanwhile, the weakening dollar prompts many large institutions to actively seek high-quality safe-haven assets, with Bitcoin becoming an important choice.

The crypto market sees a general rise, with Ethereum leading the altcoins

The strong rise of Bitcoin has also driven positive performance across the entire cryptocurrency market. The total market capitalization of cryptocurrencies worldwide has risen to $3.52 trillion, with a 24-hour increase of 3.64%. Mainstream altcoins have performed impressively, with Ethereum (ETH) rising 5.54%, surpassing Bitcoin in its growth rate, indicating strong signs of altcoin season starting and expectations of ecological prosperity.

U.S. stocks ignore tariff panic, Dow rises simultaneously

Despite concerns about the escalation of the trade war, the cryptocurrency market is rising, and the major U.S. stock indices are generally up. The Dow Jones Industrial Average rose by 270 points, an increase of 0.61% ; the S&P 500 index climbed 0.28% **. The Nasdaq Composite Index, which has a high proportion of tech stocks, saw little change, with a slight decline of **0.01%, reflecting the relative weakness of the tech sector.

Trump threatens 50% tariff on Brazil, trade friction casts a shadow

Although the overall market sentiment is optimistic, the ongoing trade tensions remain a concern for investors. U.S. President Donald Trump threatened to impose punitive tariffs of up to 50% on Brazil, citing how Brazil treated former far-right President Jair Bolsonaro. Brazil has warned that if the U.S. implements this measure, it will take retaliatory action by imposing tariffs on American goods.

Brazil is an important trading partner of the United States, with total U.S. exports to Brazil reaching $42.3 billion in 2024. This threat of tariffs comes on the heels of previous warnings from Trump regarding tariffs ranging from 20% to 30% on Japan, South Korea, and the Philippines, indicating that he is using tariffs as a tool to achieve U.S. geopolitical goals beyond just addressing trade deficits. For instance, in January of this year, Trump threatened to impose tariffs on Colombia for blocking the expulsion of immigrants.