The cryptocurrency surged nearly 4% in a single day after floundering below $110K over the weekend.
Bitcoin Tops $114K as Gold Breaks Record for the 38th Time in 2025
This article was published more than a month ago. Some information may no longer be current.
WRITTEN BY
SHARE
BTC and Bullion Rally: Bitcoin Hits $114K, Gold Sets 38th Record This Year
Gold reached yet another all-time high for the 38th time this year alone, according to the Kobeissi Letter, after climbing to $3,830 on Monday. Digital gold or bitcoin, also rallied, breaking $114K after a weekend in the doldrums, although that price is still roughly $10,000 below BTC’s record of $124,457.12 notched last month.
Gold’s rally comes in the wake of a weakening dollar and a potential shutdown of the U.S. Federal government as Republicans and Democrats bicker over the country’s finances. “These people are crazy, the Democrats, so if it has to shut down, it’ll have to shut down,” U.S. President Donald Trump told reporters at the White House. “But they’re the ones that are shutting [it] down.”
The U.S. federal debt has ballooned to a mind-bending $37.47 trillion, according to the government’s own website. The U.S. dollar index fell 0.23% over the past 24 hours. The index measures the relative strength of the U.S. dollar against other major currencies.
The state of the country’s finances, a weakening dollar, and the possibility of interest rate cuts in October and December have all spurred a flight to safety, leading to gold’s remarkable run and, to a lesser extent, a modest increase in the price of digital gold. Ironically, the bullion rally has pushed U.S. gold reserves, approximately 8,133.46 metric tons, over the $1 trillion mark.
Overview of Market Metrics
Bitcoin was trading at $114,190.59 at the time of writing, a 3.53% jump since yesterday, but a smaller 1.47% increase for the week, according to data from Coinmarketcap. The digital asset has been priced between $110,111.18 and $114,288.31 over the past 24 hours.
Trading volume for the day jumped 125.16% and stood at $59.18 billion, a large increase even after considering the expected post-weekend surge. Market capitalization, like price, was also up 3.55% at $2.27 trillion, and bitcoin dominance rose 0.71% over 24 hours and was sitting at 58.97% at the time of writing.
Total bitcoin futures open interest surged 6.59% to $82.76 billion over 24 hours, according to data from Coinglass. Bitcoin liquidations totaled $91.73 million for the day, a number dominated by $83.84 million in short liquidations. The remaining $7.88 million was made up of longs.
