The cryptocurrency market has surged sharply in the past 24 hours. Bitcoin (BTC) prices today soared and set a new all-time high (ATH), in line with the S&P 500 index rally that has marked a record two-day winning streak.

According to Coinmarketcap data on Thursday (August 14, 2025) at 06:15 WIB, the global cryptocurrency market capitalization jumped 3.14% to US$ 4.18 trillion within 24 hours.

Bitcoin (BTC), the largest cryptocurrency by market capitalization, rose 2.49% in the past day. As of now, Bitcoin is priced at US$ 123,025 per coin, equivalent to Rp 1.98 billion (exchange rate Rp 16,115). Bitcoin briefly touched US$ 123,500 on Wednesday night New York time, surpassing its previous record of US$ 123,205.12 set on July 14.

Other cryptocurrencies also saw significant gains: Ethereum (ETH) rose 3.51% to US$ 4,738, approaching its 2021 ATH of US$ 4,865. Binance Coin (BNB) increased 1.48% to US$ 846, Solana (SOL) jumped 5.85% to US$ 202, Dogecoin (DOGE) climbed 4.19% to US$ 0.24, and XRP edged up 0.14% to US$ 3.27.

According to Cointelegraph, Bitcoin’s price rally comes amid positive global market sentiment following the release of U.S. inflation data for July, which showed the annual CPI holding steady at 2.7%, unchanged from June and below the forecast of 2.8%. On a monthly basis, CPI rose 0.2%, slower than the 0.3% increase in the previous month.

This data boosted expectations of a Federal Reserve interest rate cut at the September meeting, with probabilities reaching 93.9% according to the CME FedWatch Tool. Seasoned crypto investors note that rate cuts and monetary easing have historically acted as positive catalysts for Bitcoin price movements.

Trump Policy Anticipation

Markets are also anticipating the economic agenda of U.S. President Donald Trump, outlined in the "One Big Beautiful Bill," which is expected to spur increased spending, inflation, and risk appetite in financial markets.

In addition, inflows into spot Bitcoin and Ether ETFs have reinforced market optimism. Based on Farside Investors data on Tuesday (August 12, 2025), BTC ETFs recorded a net inflow of US$ 65.9 million, while ETH ETFs surged with purchases worth US$ 523.9 million. Notably, ETH ETFs achieved their first-ever US$ 1 billion daily inflow.

Although Bitcoin ETF inflows have started to slow, the instrument still recorded a total inflow of US$ 1.02 billion since last Friday. The strong performance of ETH ETFs is believed to have spread positive sentiment to Bitcoin and other altcoins.

Hyblock liquidation heatmap data shows Bitcoin has broken through the short position liquidation zone starting at US$ 122,500, with the potential for forced position closures up to US$ 124,000.

Meanwhile, CoinGlass data indicates that nearly US$ 2 billion in short positions are at risk of liquidation if BTC prices successfully break through the US$ 122,800–125,500 range.