{"id":602412,"date":"2025-07-14T08:21:57","date_gmt":"2025-07-14T06:21:57","guid":{"rendered":"https:\/\/mybroadband.co.za\/news\/?p=602412"},"modified":"2025-07-14T08:22:01","modified_gmt":"2025-07-14T06:22:01","slug":"bitcoin-hits-r2-2-million","status":"publish","type":"post","link":"https:\/\/mybroadband.co.za\/news\/cryptocurrency\/602412-bitcoin-hits-r2-2-million.html","title":{"rendered":"Bitcoin hits R2.2 million"},"content":{"rendered":"\n

Bitcoin breached $120,000 (R2.15 million) for the first time, with investor optimism increasing almost daily after it emerged from a narrow trading range that had left sceptics wondering whether the original cryptocurrency would regain the record-breaking momentum seen at the start of the year.<\/p>\n\n\n\n

It has since climbed, reaching R2.2 million in South Africa according to cryptocurrency trading platform Binance.<\/p>\n\n\n\n

After surging on the election of Donald Trump to a second US presidential term, Bitcoin had settled into a pattern of fluctuating on either side of $100,000 (R1.8 million) for several months. <\/p>\n\n\n\n

Concern about Trump\u2019s political and economic policies had helped to temper optimism over the pro-crypto agenda of his administration. <\/p>\n\n\n\n

Now with other risk assets such as stocks back around record highs, Bitcoin has also resumed its push higher.  <\/p>\n\n\n\n

\u201cThis shift signals a maturing perspective on Bitcoin \u2014 not merely a speculative asset, but a macro hedge and a structurally scarce store of value,\u201d said George Mandres, senior trader at XBTO Trading LLC. <\/p>\n\n\n\n

\u201cA surge in risk-on sentiment across equities, coupled with significant institutional inflows into spot Bitcoin and Ethereum ETFs, has fueled this steady ascent, notably absent the sharp volatility of previous bull runs.\u201d<\/p>\n\n\n\n

The crypto market bellwether rose as much as 1.9% to $121,344, and is now up about 30% since December. Bitcoin more than doubled last year. <\/p>\n\n\n\n

Bitcoin\u2019s renewed momentum has also spilled over to smaller tokens \u2014 second-ranked Ether rose 1.5%, while XRP and Solana both increased about 2.7% around noon in Singapore on Monday.<\/p>\n\n\n\n

\u201cBitcoin\u2019s cleared $120,000, but the real test is $125,000,\u201d said Rachael Lucas, a crypto analyst at BTC Markets. <\/p>\n\n\n\n

While short-term profit booking can be expected, \u201cthe uptrend has fuel\u201d driven by strong demand from exchange traded funds, she added. <\/p>\n\n\n\n

\u201cSupport at $112,000 and any dip looks like a buying opportunity, not a reversal.\u201d<\/p>\n\n\n\n

Helping to fuel the latest rally was the liquidation of bearish crypto bets at the end of the week. <\/p>\n\n\n\n

Traders who shorted Bitcoin bore the brunt of the rapid damage, with over $1 billion in positions wiped out, according to data from Coinglass. <\/p>\n\n\n\n

The token rose on the back of anticipation for what a Congressional committee dubbed \u201cCrypto Week,\u201d where lawmakers in the US Congress are expected to debate and possibly vote on key cryptocurrency legislation. <\/p>\n\n\n\n

Some analysts aren\u2019t totally sold on the token\u2019s continued rise. <\/p>\n\n\n\n

\u201cIn my view, this isn\u2019t a macro-driven rally, but rather an isolated event,\u201d said Nicolai Sondergaard, a research analyst at Nansen. <\/p>\n\n\n\n

\u201cThat said, recent US policy developments such as fiscal expansion and expectations of further monetary easing have created a backdrop that is undeniably favourable for Bitcoin.\u201d<\/p>\n\n\n\n

\"\"<\/figure>\n","protected":false},"excerpt":{"rendered":"

Investor optimism has increased almost daily after Bitcoin emerged from a narrow trading range that had left sceptics wondering whether the original cryptocurrency would regain the record-breaking momentum seen at the start of the year.<\/p>\n","protected":false},"author":341034,"featured_media":574241,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"idle","_sma_x_autopost_error":"","_sma_x_post_id":"","_sma_facebook_post_id":"","_sma_instagram_post_id":"","_sma_threads_post_id":"","_sma_x_attempts":0,"footnotes":""},"categories":[44696],"tags":[187,191,43338,72308,49047],"class_list":["post-602412","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-bitcoin","tag-cryptocurrency","tag-ether","tag-solana","tag-xrp"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/602412"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/341034"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=602412"}],"version-history":[{"count":2,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/602412\/revisions"}],"predecessor-version":[{"id":602419,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/602412\/revisions\/602419"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/574241"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=602412"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=602412"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=602412"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}