Bitcoin has broken a new all-time high for a second day in a row, while the Dow Jones added gains despite tariff fears.
Institutional investment has once again pushed Bitcoin (BTC) to an all-time high. On Thursday, June 10, Bitcoin reached an all-time high of $113,358.50 for a second consecutive day. The largest crypto asset was up 3.65% over a 24-hour period and has risen almost 96.2% from the same time last year.
Fueling this price increase is growing demand for Bitcoin ETFs, a positive macro environment, and expanding corporate BTC treasury holdings. Both retail traders and institutions are bullish as the U.S. environment shifts toward a more crypto-friendly stance. At the same time, a falling dollar has prompted many institutions to look for safe-haven assets.
Bitcoin’s rally also contributed to the positive performance of the overall crypto market. The total crypto market cap rose to $3.52 trillion, up 3.64% in 24 hours. Major altcoins like Ethereum (ETH), which rose 5.54% outperformed Bitcoin.
The crypto market rally coincided with a rising stock market, despite fears over trade war escalation. The Dow Jones rose 270 points, or 0.61%, while the S&P 500 climbed 0.28%. The tech-heavy Nasdaq was little changed, losing 0.01% amid relative underperformance of tech stocks.
Trump threatens Brazil with a 50% tariff
Despite an overall positive outlook, markets remain concerned about ongoing trade tensions. President Donald Trump threatened Brazil with tariffs of 50%, citing the treatment of former right-wing President Jair Bolsonaro. Brazil threatened to retaliate against such measures with its own tariffs on U.S. goods.
Brazil is a major U.S. trading partner, with U.S. imports to the country totaling $42.3 billion in 2024. The punitive tariffs come after similar threats against Japan, South Korea, and the Philippines, whom Trump threatened with tariffs between 20% and 30%.
Trump has used the threat of tariffs to accomplish the U.S. geopolitical goals that go beyond trade imbalances. For instance, in January, he threatened tariffs on Colombia over the blocked deportation of migrants.
