Bitcoin sets new record, briefly breaking above $112,000 as policy outlook shifts

Bitcoin briefly hit a new all-time high above $112,152 on Wednesday, nearly edging out the previous mark of $112,000 in May, according to TradingView.

The world's largest cryptocurrency by market capitalization then quickly receded slightly to around $111,000, according to The Block Price Page. Bitcoin is up about 20% so far this year.

Bitcoin's price has been rising over the past few days as the Trump administration's new tariff date has eased concerns about imminent volatility. 

U.S. Treasury Secretary Scott Bessent said over the weekend that tariffs, initially unveiled in April, will take effect on Aug. 1 for countries without a trade agreement with the United States. He added that the tariff level will revert to the rates in effect as of April if negotiations fail before that date.

Also over the weekend, Elon Musk said his "America Party" will support Bitcoin.

Additionally, Bitcoin's popularity among institutions and corporations has bolstered demand. Following Strategy's lead, a tech company that has amassed considerable wealth stockpiling BTC, several companies have begun accumulating Bitcoin.

On Monday, UK web design firm The Smarter Web Company, which has transitioned into a Bitcoin treasury-focused company, said it had acquired an additional 226.42 BTC for £17.87 million ($24.4 million) at an average purchase price of £78,932 ($107,726) per BTC. 

Smarter Web Company's rapid Bitcoin acquisition strategy has positioned it 31st among 135 public company holders, according to  Bitcoin Treasuries  data, placing it between Cipher Mining and  Core Scientific , and closing in on the top 25.

On the institutional side, spot Bitcoin exchange-traded funds (ETFs) now manage nearly $150 billion in capital, reflecting sustained institutional interest despite broader market volatility.