Bitcoin Hits New All-Time High Above $113K Amid Broad Rally

GM. Bitcoin just broke above $113K for the first time ever, riding a macro tailwind of tech gains, political support, and swelling corporate treasuries, with Trump’s crypto agenda now firmly priced in.

Meanwhile, the IRS scraps its DeFi broker rule, Truth Social preps a token for subscriber rewards, and the EU flags licensing gaps in Malta’s MiCA regime.

All-time highs. Rule repeals. Political rollouts. Here’s how the week ends. 👇

Bitcoin Hits New All-Time High Above $113K Amid Broad Rally

Bitcoin broke above $113,000 for the first time on July 10, hitting an intraday high of $113,569 and pushing its year-to-date gain to 22%. The surge followed a similar rally the day prior, when the asset cracked $112,000 before pulling back to $111,000.

This price action coincided with a record Nasdaq close and a tech-led equity rally spurred by Nvidia crossing $4 trillion in market cap. Market analysts cited renewed risk appetite, Trump's tariff revision, and Elon Musk’s Bitcoin-aligned political shift as reinforcing macro tailwinds.

Public firms accelerated Bitcoin purchases in Q2, with Michael Saylor’s Strategy holding $64 billion in BTC despite a temporary buying pause. Newcomers including Remixpoint, KULR, and K Wave Media joined the corporate treasury trend, pushing company BTC holdings ahead of ETF flows.

Bitcoin's total market capitalization stands at $2.3 trillion, dwarfing Ethereum’s $339 billion, and trading volume over the past 24 hours exceeded $36 billion. The current rally builds on momentum that began when Trump re-entered office, declared crypto a strategic priority, and backed state-level Bitcoin reserve programs.

IRS Withdraws Crypto Broker Reporting Rule

The U.S. Treasury and IRS have formally repealed a crypto tax rule that would have required decentralized platforms to collect and report user transaction data. Originally part of a 2021 infrastructure bill, the rule was meant to improve transparency but faced backlash over its enforceability and impact on privacy. Under the Congressional Review Act, the regulation now has no legal effect and will be removed from the federal code.

The rule would have forced non-custodial services to report customer information like traditional brokers, even if technically incapable of doing so. Texas Senator Ted Cruz led the successful repeal push, with Trump signing the rollback into law in April. The IRS had finalized the rule for DeFi platforms in late 2024, despite growing concern from crypto developers and U.S. lawmakers.

Trump’s Truth Social Plans Utility Token, Rewards

Truth Social, founded by President Donald Trump, is preparing to launch a utility token tied to its Patriot Package subscription service. The program will reward subscribers with “gems” based on engagement, which will later convert into tokens usable across the Truth ecosystem. The subscription beta launched this month at $9.99 and includes premium content, red checkmarks, and other loyalty perks.

The company has floated token-based plans since early 2024, including a wallet-integrated payment token and, more recently, a Truth Social crypto ETF filing. Critics have flagged these moves as ethically questionable, given Trump’s position and history of crypto involvement. Congressional scrutiny has intensified, with bipartisan concern about presidential profiteering in the digital asset sector.

EU Flags Malta’s MiCA Licensing for Shortfalls

Malta’s Financial Services Authority has been criticized by ESMA for only “partially meeting expectations” in authorizing a crypto asset service provider under MiCA. A peer review found issues in the MFSA’s handling of the licensing process, despite the regulator meeting staffing and supervisory requirements. ESMA’s findings urge Malta and other EU regulators to more rigorously assess risks before granting approval.

The unnamed firm’s license won’t be revoked, but Malta has been advised to adjust procedures and ensure tighter oversight going forward. The report comes just one year after MiCA took effect and as more jurisdictions begin issuing licenses. Malta currently has four licensed CASPs, including Bitpanda and OKX, and continues to be a key crypto gateway in the EU.

Data of the Day

Gates Inc., a Japanese real estate firm, will tokenize $75 million worth of Tokyo assets through a partnership with blockchain project Oasys. Announced Wednesday, the initiative marks one of Japan’s largest real estate tokenization efforts to date and is part of a long-term plan to tokenize $200 billion in assets. The rollout will use a special purpose vehicle registered overseas to maintain regulatory compliance.

Gates plans to expand globally with tokenized property in Asia, Europe, and the U.S., and says the model could include Japanese IP like anime. Real estate tokenization is gaining traction globally, with Dubai and U.S. states like New Jersey piloting large-scale blockchain efforts. According to Deloitte, the global market for RWAs is projected to reach $4 trillion by 2035.

$75 million in tokyo property to be tokenized

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Written by 

Jed Barker

Editor-in-Chief

Jed, a digital asset analyst since 2015, founded Datawallet to simplify crypto and decentralized finance. His background includes research roles in leading publications and a venture firm, reflecting his commitment to making complex financial concepts accessible.