Bitcoin Surges to New Record, Bullish Debut Boosts Crypto Market

Bitcoin soars to a fresh record, climbing nearly 1% to over $124,000, driven by expectations of Federal Reserve rate cuts, institutional buying, and pro-crypto moves by the Trump administration. Meanwhile, Bullish's shares more than double in its NYSE debut, valuing the crypto exchange operator at over $13 billion. Do Kwon, the entrepreneur behind the failed cryptocurrencies TerraUSD and Luna, pleaded guilty to charges of conspiracy to defraud and wire fraud.

Bitcoin surged to a new record high of over $124,000 on July 2, 2025, driven by expectations of Federal Reserve rate cuts, institutional buying, and pro-crypto moves by the Trump administration. The cryptocurrency's price climbed nearly 1% from its previous record, marking a significant milestone in its volatile history.

The rally was fueled by a combination of factors, including a more favorable regulatory climate, heightened corporate interest, and a surge in institutional adoption. Public companies have increasingly adopted Bitcoin as part of their treasury strategies, a trend led by firms like Michael Saylor’s MicroStrategy. This corporate buying has extended to smaller competitors and other major crypto assets, contributing to a broad-based rise in the digital asset market [1].

The coordinated rise across equities and cryptocurrencies was supported by moderating inflation data and the anticipation of Federal Reserve rate cuts in September. This helped ease financial conditions and draw capital into riskier investments [2]. The movement also underscored Bitcoin’s evolving role in global markets, where it is increasingly viewed as a speculative asset and a potential hedge against macroeconomic uncertainty [2].

Meanwhile, Bullish, a cryptocurrency exchange backed by prominent investors including Peter Thiel, made a strong debut on the New York Stock Exchange (NYSE). Its shares opened at $90 per share—143% above the initial public offering (IPO) price of $37 per share [3]. The stock’s strong performance reflected sustained investor enthusiasm for crypto-related assets, with the shares briefly halting at $102.44 shortly after opening. The company’s market valuation reached nearly $13.1 billion, signaling growing confidence in the sector [3].

The IPO was priced at $37 per share, above its initial expected range of $32 to $33, indicating strong investor confidence in Bullish’s business model and long-term potential [5]. The company, founded in 2021 and led by former NYSE president Tom Farley, offers a range of services, including spot and derivatives trading, liquidity services, and owns the crypto media company CoinDesk [6].

Do Kwon, the South Korean cryptocurrency entrepreneur behind the failed cryptocurrencies TerraUSD and Luna, pleaded guilty to charges of conspiracy to defraud and wire fraud. Kwon, 33, co-founded Singapore-based Terraform Labs and developed the TerraUSD and Luna currencies. He pleaded guilty to two U.S. charges of conspiracy to defraud and wire fraud, facing up to 25 years in prison when sentenced on December 11 [4].

The success of Bullish’s IPO and Bitcoin’s record high signal growing investor confidence in the crypto sector and the potential for future growth. As regulatory frameworks continue to develop and investor demand grows, the market for crypto equities appears to be gaining traction.

References:

[1] https://www.ainvest.com/news/bitcoin-news-today-bitcoin-hits-record-124-000-risk-shift-corporate-buying-2508/
[2] https://www.ainvest.com/news/bitcoin-news-today-bitcoin-hits-record-124-000-risk-shift-corporate-buying-2508/
[3] https://www.ainvest.com/news/bullish-surges-143-nyse-debut-backed-thiel-strong-crypto-demand-2508/
[4] https://www.reuters.com/legal/government/do-kwon-pleads-guilty-us-fraud-charges-40-billion-crypto-collapse-2025-08-12/
[5] https://breakingthenews.net/Article/Bullish-debuts-on-NYSE-at-dollar90-a-share-up-143-from-IPO-price/64644639
[6] https://www.axios.com/2025/08/13/bullish-ipo-crypto-pol