Bitcoin has crossed the Rs 1-crore mark as cryptocurrency's record run continues amid the global uncertainty triggered by US President Donald Trump's tariff policy.
As of 5:13 p.m., Bitcoin, which is the largest traded cryptocurrency, was trading 1.65% higher at Rs 1,01,00,195.97.
"The Fear & Greed Index now signals 'greed', reflecting strong investor sentiment and sustained buying interest," Edul Patel, chief executive officer of Mudrex, said. "Additionally, institutional participation remains a key driver, with $1.52 billion flowing into crypto funds over the last five trading days."
Major altcoins like Ethereum and Solana also rallied up to 10%, supporting the broader market uptrend, Patel added. "If the current trend holds, Bitcoin could target $120,000, with immediate support seen at $111,500."
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This development comes off the heels of Bitcoin breaching $116,000 and then continuing its rally by going up 3.9% to $118,000 for the first time earlier in the day.
The rally spurred a notable unwinding of short positions, with over a billion-dollar worth of bets against the token getting liquidated over the past 24 hours, according to data compiled by Coinglass, accessed by Bloomberg.
Investors had poured into Bitcoin ETFs, infusing an aggregate amount of $1.2 billion on Thursday.
The funding rate continued to remain positive, signalling additional demand to stay in bullish positions. The contracts are regarded as the go-to way for crypto traders to leverage their bets on the digital asset.
The funding rate is a measure of sentiment in the Bitcoin perpetual futures market.
Bullish comments by US President Donald Trump via Truth Social contributed to the optimism on Thursday. A US Congressional committee also declared the week of July 14 as "Crypto Week".
Bloomberg reported that Bitcoin's breakout validated bullish sentiments for crypto traders, who fuelled the rally on bets that the second Trump presidency will influence a new era of "permissive regulation"
(With inputs from Bloomberg)
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