Bitcoin News Today: Bitcoin Surges to $122,056 as Coinbase Drives $112.667 Billion Trading Volume

Coinbase accounted for the majority of USD trading volume as Bitcoin (BTC) surged to $122,056, signaling a significant moment in the digital asset market. During this period, the exchange reported a 24-hour trading volume of approximately CA$112.667 billion, reinforcing its position as a leading liquidity hub. The spike in BTC’s price coincided with a notable rise in trading activity on the platform, suggesting a strong alignment between market sentiment and platform utilization [1].

From a technical standpoint, BTC’s move to $122,056 reached a critical level corresponding to the 1.618% Fibonacci extension, a commonly referenced psychological and analytical threshold among traders. Although the price did not close above this level, the magnitude of the upward movement indicated robust demand from both retail and institutional investors. Analysts have speculated that BTC could surpass $122,000 in 2025, driven by factors such as macroeconomic conditions and growing money supply trends [4].

Coinbase’s dominance in USD trading volume underscores its role as a trusted and regulated platform in the crypto ecosystem. The integration of decentralized exchange (DEX) protocols into its infrastructure has further enhanced its appeal, offering users a hybrid environment that supports both traditional and decentralized trading practices [5]. This development aligns with broader trends of convergence between digital and traditional asset markets, as seen in the synchronized movements of firms like MicroStrategy during the BTC upsurge [6].

The broader market also experienced heightened volatility, with other cryptocurrencies such as NEAR recording a 4% swing in a short time frame amid sell pressure [7]. However, Bitcoin remained the central driver of market sentiment, with its performance influencing investor behavior and market positioning across the crypto space. The interplay between BTC’s price trajectory and increased trading volume on Coinbase reflects a coordinated shift in investor appetite toward digital assets.

The period highlights a convergence of technical, macroeconomic, and institutional dynamics contributing to the observed price movement and trading activity. While future projections for BTC remain subject to market conditions and external factors, the data from this period provides a factual foundation for evaluating the current momentum and potential direction of the market.

Sources:

[1] "Bitcoin Price, BTC Price, Live Charts, and Marketcap," Coinbase, https://www.coinbase.com/en-ca/price/bitcoin

[2] "Inside the mind of Lyn Alden: Bitcoin, AI, and ...", CryptoSlate, https://cryptoslate.com/inside-the-mind-of-lyn-alden-bitcoin-ai-and-the-unstoppable-deficit-train/

[3] "Bitcoin Bulls Take Another Shot at the Fibonacci Golden ...", CoinDesk, https://www.coindesk.com/markets/2025/08/11/bitcoin-bulls-takes-another-shot-at-the-fibonacci-golden-ratio-above-usd122k-as-inflation-data-looms

[4] "Cryptocurrency Live News & Updates : Ethereum's Rally," The, https://m.economictimes.com/crypto-news-today-live-09-aug-2025/liveblog/123195194.cms

[5] "Coinbase Integrates Base DEXes, Aerodrome AERO ...", 99Bitcoins, https://99bitcoins.com/news/altcoins/aerodrome-aero-surges-to-a-6-month-high-whats-driving-growth/

[6] "Most active crypto currencies: coins and tokens with the ...", Yahoo Finance, https://uk.finance.yahoo.com/markets/crypto/most-active/

[7] "NEAR Shows Volatile Recovery Amid Wave of Sell Pressure," CoinDesk, https://www.coindesk.com/markets/2025/08/11/near-shows-volatile-recovery-amid-wave-of-sell-pressure