VISI.NEWS | CRYPTO – The crypto market surged in the past 24 hours. Bitcoin (BTC) soared today, briefly breaking its all-time high (ATH), driven by a surge in institutional interest and crypto-friendly policies from U.S. President Donald Trump’s administration.
According to data from CoinMarketCap on Friday (July 11, 2025) at 06:20 AM (WIB), the global crypto market capitalization jumped 4.29% over the last 24 hours, reaching US$ 3.62 trillion. The world’s largest cryptocurrency by market cap, Bitcoin (BTC), rose 3.83% during the same period. The current price of Bitcoin stands at US$ 115,823 per coin, equivalent to around Rp 1.87 billion (based on an exchange rate of Rp 16,216).
Bitcoin briefly broke its all-time high, reaching US$ 118,000, surpassing the previous record of US$ 113,734.64, also achieved earlier that same day. On a yearly basis, Bitcoin has now risen approximately 24%.
White House Drives Momentum with Pro-Crypto Moves
According to Reuters, the latest surge in Bitcoin’s price was also fueled by aggressive crypto-friendly moves from the White House. In March, President Trump signed an executive order to establish a strategic cryptocurrency reserve as part of a broader national asset diversification strategy.
Trump also appointed several crypto-advocates to key positions, including:
Paul Atkins to the U.S. Securities and Exchange Commission (SEC)
David Sacks as the White House Head of AI, known for his strong support of blockchain technology
In addition, the Trump family business has ventured into the crypto space. Trump Media & Technology Group, through an SEC filing, announced plans to launch an Exchange-Traded Fund (ETF) that will invest in various cryptocurrencies, including Bitcoin.
Massive Short Squeeze Sends BTC Soaring
According to TradingView, Bitcoin reached a new ATH of US$ 118.000, following a strong 24-hour rally. BTC jumped 4.6% in a single day, and over 5.5% in the past week, with a staggering daily trading volume of US$ 50 billion.
This rally dealt a heavy blow to short sellers—traders who bet on a price decline. Data from Coinglass shows that short positions worth around US$ 940 million were liquidated within the last 24 hours, triggering a massive short squeeze.
A short squeeze occurs when a large number of short positions are forcibly closed, pushing traders to buy back the asset to cover losses—driving the price even higher.
Total liquidations reached nearly US$ 1 billion, with 94% coming from short positions, indicating strong dominance from the buyer side in today’s market.
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