Bitcoin surged to an unprecedented high above $120,000 on July 13, stretching its impressive upward run on the heels of increased institutional investment, declining reserves across exchanges, and strong technical breakout signals. The rally gathered even more steam into July 14, with the cryptocurrency advancing to $119,820 per coin.
The latest price surge has been propelled in part by mounting speculation over significant acquisitions of Bitcoin by major corporations. Data compiled by CoinMarketCap points to reported aggregate BTC purchases worth more than $554 million by corporate treasuries this week, although exact details remain undisclosed. These developments echo previous phases of aggressive accumulation—such as those involving MicroStrategy—where rumors of institutional buying have historically foreshadowed rapid upward moves in price.
Meanwhile, the growing appetite from traditional finance remains evident, with inflows into spot Bitcoin exchange-traded funds (ETFs) totaling $1.18 billion over the past week. This sustained demand for Bitcoin as an investment persists even as broader financial markets exhibit caution, with many investors increasingly viewing the asset as both a haven amid global macroeconomic uncertainty and a high-yield store of value in an evolving economic landscape.
On a regional ETF performance basis, the US continues to deliver solid results, up 2.9% over the past month. Notably, the Vietnam ETF (VNM) and the Israel ETF (EIS) have led gains with returns of 14.26% and 11.98%, respectively.
Last week, Emirates Airlines and Crypto.com announced a partnership to explore cryptocurrency payment solutions across Dubai’s travel ecosystem. This initiative, which includes Dubai Duty Free signing a Memorandum of Understanding (MOU) with the global crypto exchange, will enable digital asset payments both in physical retail and online platforms.
The agreement targets millions of international travelers passing through Dubai International Airport, positioning Dubai as a pioneer in travel retail that accepts cryptocurrency, in line with the city’s Economic Agenda D33 to become a global innovation hub and smart economy leader.
