Bitcoin Hits New All-Time High of $112,040 After Trump Tariff Announcement

Bitcoin (BTC) reached a new all-time high of $112,040 on July 9, surpassing the previous intraday peak of $111,917.37 recorded on May 22. This surge came hours after President Donald Trump announced formal tariff letters to seven nations, imposing duties of up to 30% that will take effect on August 1. The tariff announcement typically sparks equity weakness, dollar strength, and softer yields. However, the crypto market has developed structural buffers that were not present in previous cycles.

Jag Kooner, head of derivatives at Bitfinex, noted that the tariff headline would usually lead to equity weakness, dollar strength, and softer yields. However, he argued that the crypto market now enjoys structural buffers unavailable in prior cycles. He explained that spot-ETF inflows and the sovereign-hedge narrative mean any policy-driven dollar move can feed back into crypto rates positively. Kooner also mentioned that Bitcoin may initially dip alongside equities, but the presence of regulated funds positions the asset for greater upside when bullish catalysts align.

Farside Investors recorded $75.3 million of net inflows into US spot Bitcoin ETFs on July 8, lifting cumulative inflows to $49.9 billion since January. The products have absorbed an average $134 million per trading day this quarter, reinforcing what Kooner called a “structural ETF support” floor.

The US Dollar Index has fallen more than 14% year-to-date, giving what Kooner described as “some overdue relief” that can amplify crypto moves when capital seeks non-sovereign stores of value. Market desks now watch July’s consumer price print and a Senate vote on the GENIUS Act for confirmation that liquidity conditions will stay benign.

Bitcoin spent nearly seven weeks consolidating between $105,000 and $110,500 before piercing the upper boundary. Kooner flags $105,000–$108,000 as the nearest “refresh” support zone should a macro shock emerge, while a clean close above $112,000 on the daily chart “confirms the up-trend on lower timeframes.” Options positioning echoes that view. Chicago Mercantile Exchange data indicate that open interest is skewed toward the $115,000 and $120,000 July calls, while put activity clusters at $100,000. Traders attribute the bullish skew to advisers hedging against potential downside for ETF inflow scenarios that accelerate whenever macroeconomic news weakens the dollar.