{"id":602183,"date":"2025-07-11T08:42:24","date_gmt":"2025-07-11T06:42:24","guid":{"rendered":"https:\/\/mybroadband.co.za\/news\/?p=602183"},"modified":"2025-07-11T11:00:37","modified_gmt":"2025-07-11T09:00:37","slug":"bitcoin-is-booming","status":"publish","type":"post","link":"https:\/\/mybroadband.co.za\/news\/cryptocurrency\/602183-bitcoin-is-booming.html","title":{"rendered":"Bitcoin is booming"},"content":{"rendered":"\n
Bitcoin is trading at over R2.1 million on cryptocurrency exchange Binance in South Africa after extending a record-breaking rally for a second day.<\/p>\n\n\n\n
“Bitcoin’s recent surge to a new all-time high is a testament to the growing adoption and recognition of cryptocurrency as a legitimate asset class,” said Binance’s head of legal for Africa, Larry Cooke.<\/p>\n\n\n\n
“As the market continues to evolve, it’s clear that digital assets are becoming increasingly integrated into mainstream finance.”<\/p>\n\n\n\n
Bloomberg reports that Bitcoin options traders are already setting their sights on higher prices after breaching $116,000 (R2.06 million) for the first time<\/p>\n\n\n\n
It said open interest, or the number of outstanding contracts on the Deribit exchange, has become concentrated around Bitcoin call options with strike prices of $115,000 and $120,000 (R2.13 million).<\/p>\n\n\n\n
Longer-term options expiring in late September and December have seen elevated open interest at $140,000 and $150,000.<\/p>\n\n\n\n
Bitcoin continued its run on Friday, climbing as much as 3.9% to around $118,000 (over R2.1 million on exchanges in South Africa).<\/p>\n\n\n\n
The rally triggered a major unwinding of short positions, with over a billion dollars worth of bets against the token getting liquidated over the past 24 hours, according to data compiled by Coinglass. <\/p>\n\n\n\n
Investors rushed into Bitcoin ETFs, pouring in a net $1.2 billion (R21.3 billion) on Thursday.<\/p>\n\n\n\n
Ether, the second-largest cryptocurrency, jumped as much as 6.4% to $2,999, driven by strong inflows into its US spot ETFs. <\/p>\n\n\n\n
Investors added $383 million (R6.8 billion) across the group of nine funds \u2014 the second-highest daily total on record. <\/p>\n\n\n\n
Open interest for Ether futures offered by CME Group hit a record, indicating growing institutional interest. <\/p>\n\n\n\n
Bitcoin\u2019s breakout, fueled in part by institutional demand, is the latest validation for crypto bulls, who pounced after the November election on bets that the second Trump presidency will usher in a new era of permissive regulation. <\/p>\n\n\n\n
A Congressional committee declared the week of July 14 as \u201cCrypto Week.\u201d<\/p>\n\n\n\n
The biggest digital asset by market value is up around 25% this year amid the broader rally in risk assets that has also sent stocks to all-time highs.<\/p>\n\n\n\n
Bullish conviction<\/h2>\n\n\n\nBitcoin price on Binance in South Africa<\/figcaption><\/figure>\n\n\n\n
\u201cNotably, the options market is reflecting renewed bullish conviction,\u201d said Chris Newhouse, director of research at Ergonia, a DeFi trading firm.<\/p>\n\n\n\n
The funding rate, a measure of sentiment, in the Bitcoin perpetual futures market, remains positive, indicating more demand to stay in bullish positions. <\/p>\n\n\n\n
The contracts are one of the most common ways for crypto traders to leverage their bets on the digital asset. <\/p>\n\n\n\n
Bullish comments by President Donald Trump over his Truth Social social media site helped to fuel the optimism Thursday. <\/p>\n\n\n\n
The rally is due in part to expectations of rising demand from a spate of recently launched crypto treasury companies, according to Mauricio Di Bartolomeo, co-founder and CSO of Ledn<\/a>. <\/p>\n\n\n\n
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