Bitcoin hits new all-time high above $109,000

Bitcoin has broken its previous price record of $109,026 set on Jan. 19, 2025

article-image

Sem_Sem/Photoshop modified by Blockworks

share

Bitcoin hit a new all-time price peak of $109,500 Wednesday morning, according to Coinbase. 

The asset was trading around $108,839 at 11:42 am ET — up 3.4% on the day and 4.5% higher than a week ago. 

Bitcoin’s previous price record came in January when the largest cryptocurrency breached $109,000 for the first time on the eve of President Donald Trump’s inauguration. 

The price had spent portions of the last few months hovering in the $80,000 to $90,000 range as macroeconomic conditions and new tariff policies have weighed on riskier assets. BTC had spent most of the previous two weeks above $100,000.  

Bitcoin’s current run-up comes as Treasury yields and oil prices are on the rise, though, which typically signals a risk-off appetite. 

Current traders may be treating bitcoin as the “safe-haven” asset proponents have claimed it to be for years, but analysts warn that this is probably not a true decoupling. 

“More likely, we’re seeing building concern about a bond market ‘event’ triggered by Japan,” Noelle Acheson, author of “Crypto is Macro Now,” wrote in a note Wednesday. “The yield on its 30- and 40-year government debt has shot up over the past few days, and is now at record highs.” 

Yields on Japanese 30-year bonds hit a new high of 3.2% during Asian trading on Wednesday, according to data from the London Stock Exchange. The move implies the Japanese yen is gaining strength against the dollar, 10T Holdings founder Dan Tapiero said, which could explain bitcoin’s rally. 

Joel Kruger, a currency strategist at LMAX Group, told Blockworks on Tuesday that bitcoin had “impressively” recovered after Moody’s US credit downgrade had the crypto market starting the week under pressure. That rebound was in part due to “a broader risk asset stabilization and healthy demand from medium and longer-term players into dips,” he noted.

“Meanwhile, positive regulatory developments, including the US Senate advancing a stablecoin bill and Coinbase’s S&P 500 inclusion, are reinforcing mainstream acceptance, countering macro pressures from cautious Federal Reserve commentary,” Kruger added.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates (8).png

Research

Meta-aggregators like Titan and Kamino Swap improve price execution for users, making the Solana swapping landscape more competitive. Jupiter has incorporated meta-aggregation features into its latest routing engine to keep users on its front end (own the user, own the flow). At large, teams are treating swaps as a commoditized complement, offering incredibly cheap or free swaps to own the end-user and increase demand for high-margin product offerings (multi-product DeFi). On another note, the divergence in the concentration of aggregator volume between DEXs suggests increased specialization at the DEX layer by asset type.

article-image

Many community banks and credit unions feel like they missed the fintech craze — and they don’t want to miss stablecoins

article-image

BlackRock COO Rob Goldstein noted that the firm had been looking into crypto since 2017

article-image

With the June FOMC meeting coming up, the Fed remains unlikely to cut interest rates. Is this the right move?

article-image

The crypto-optional shooter is expected to release on Steam in a few weeks

article-image

The new airdrop campaign reaches 50,000 users, setting the stage for Spark’s 10-year token distribution