Bitcoin Hits New All-Time High Above $120K as U.S. Inflation Data Looms

Key Points

1. Bitcoin surpassed $120,000, marking a 28% year-to-date gain, and was trading above $121,000 as of midday Hong Kong time.

2. The price surge followed President Trump's announcement of a 30% tariff on the EU and Mexico, effective August 1.

3. John Glover, CEO of Ledn, predicted Bitcoin could rise to $136,000 by the end of the year, citing technical analysis and market trends.

4. Economists expected the U.S. CPI to rise 0.25% monthly (2.6% annualized), with core CPI forecast at 0.3% monthly (3% annualized), potentially impacting risk assets like Bitcoin.

5. Market optimism was fueled by factors such as corporate adoption of Bitcoin, ETF inflows, and a positive regulatory outlook in the U.S.