As many investors await the US CPI report and a series of cryptocurrency bills issued during the Crypto Week at the US Congress, the cryptocurrency market recorded a strong breakthrough on July 12, 2025.
Bitcoin (BTC) expanded its upward momentum and set a new peak with prices around $117,793, up about 1.0% in the past 24 hours. The highest price of the day was 118,668 USD, the lowest was 116,558 USD.
This is the highest price of all time for BTC, an increase of more than 26% compared to the beginning of the year. The main reason for this increase is believed to come from large-scale short squeeze, causing more than 1.01 billion USD in selling positions to be liquidated.
At the same time, capital flows from ETFs Bitcoin are still remaining positive, with 1.18 billion USD net poured since the beginning of the year.
Technical analysis shows that if the BTC maintains above the 118,000 USD resistance zone, the next target could be 130,000 USD - the threshold that many financial institutions are betting on in the global asset "digitalization" scenario.
Ethereum (ETH) also rebounded strongly, trading around $2,9653,040, setting a new peak in 2025. Wall Street is increasingly seeing ETH as a utility asset, alongside the BTC thanks to its role in staking, DeFi, stablecoin, and smart contracts.
Major funds such as Galaxy Digital have launched ETH-based products, demonstrating the convergence of traditional finance and blockchain technology.
In addition, the altcoin market recorded a widespread wave of price increases. According to data from Coinmarketcap, 99 of the top 100 coin coins have increased in price over the past week. Some outstanding token include: HYPE increased by 11%, WLD increased by 22.4%, PEPE increased by 18%...
Notably, cash flow is also pouring into the accounts below 1 USD, as they are expected to bring high profits in the short term. However, many experts warn that the market is showing signs of being too hot and the possibility of a short-term adjustment cannot be ruled out.
In a policy direction, Crypto Week in the US is considered a turning point with three major projects on stablecoin management, market structure and CBDC prevention being discussed.
At the same time, China is testing stablecoin-yuan combinations in corporate payment systems showing a more open view of Asian payments.
In Vietnam, Bitcoin and other cryptocurrencies are not recognized as legal payment methods and are not protected by law. Investors need to be cautious, avoiding risks from strong price fluctuations and fraud related to cryptocurrency.
