Bitcoin surges past $112K as short traders face mass liquidations
Bitcoin (BTC) has reached a new all-time high above $112,000, triggering a wave of short liquidations and renewed market optimism. The price surge marks a significant milestone in the ongoing crypto bull cycle, as institutional and retail demand continues to accelerate amid favorable macroeconomic conditions.
BTC price smashes past $112,000
On July 10, Bitcoin’s price soared past the $112,000 mark on major exchanges such as Binance and Coinbase. This move came after several days of consolidation around the $106,000–$108,000 range. At the time of writing, BTC trades at approximately $112,450, up over 4% on the day and more than 11% over the past week.
Market analysts attribute the sudden breakout to increased institutional inflows, weakening of the U.S. dollar, and expectations of a dovish stance from the Federal Reserve. Tom Lee of Fundstrat also recently reiterated his bullish outlook, pointing toward $150,000–$250,000 as a near-term target.
Over $300 million in shorts liquidated
The rapid price increase led to a sharp wave of liquidations. According to Coinglass, more than $300 million worth of short positions were wiped out in the past 24 hours alone. This short squeeze added fuel to the rally as traders rushed to cover their positions, amplifying buying pressure.
Sentiment in the futures markets also flipped decisively bullish. Funding rates turned positive across major derivatives platforms, reflecting increasing demand for long positions.
Institutional and retail demand align
The rally is driven by a convergence of both institutional and retail interest. Major ETF inflows into spot Bitcoin funds have persisted for weeks, with BlackRock’s IBIT and Fidelity’s FBTC leading the charge. On-chain data indicates that large wallet addresses (often referred to as “whales”) have accumulated over 50,000 BTC in the last seven days.
Meanwhile, retail participation is also on the rise, with exchanges reporting a surge in new account openings and trading volume.
Macro factors boosting crypto sentiment
Investors are increasingly viewing Bitcoin as a hedge against inflation and fiat currency debasement. With U.S. inflation stabilizing and rate cuts looming, risk assets like crypto are regaining momentum. Geopolitical uncertainties and weakening confidence in traditional banks are further pushing capital into decentralized assets like Bitcoin.
Source: Cointelegraph
XRP rises 12% amid breakout rally and Ripple-BNY Mellon speculation
XRP, the digital currency linked to Ripple, has jumped more than 12% in the past 24 hours, breaking out of a months-long trading range. This sudden rally comes as traders speculate about a possible partnership between Ripple and global banking giant BNY Mellon. The price action signals renewed optimism in the XRP community after a long period of stagnation.
XRP breaks key resistance level
On July 10, XRP’s price surged from around $0.59 to a daily high of $0.66, marking a double-digit percentage gain. This move pushed the token above its key resistance zone at $0.60, which had capped price action for several months.
Technical analysts are pointing to a classic breakout structure, supported by a spike in trading volume and strong RSI momentum. If buying pressure continues, XRP could target the next resistance at $0.70–$0.72 in the coming sessions.
Rumors of Ripple-BNY Mellon deal drive sentiment
Fueling the rally are unconfirmed rumors circulating on social media suggesting that Ripple could soon announce a partnership or custody agreement with BNY Mellon. While neither company has officially confirmed any such development, past statements and industry events have hinted at ongoing discussions related to blockchain-based settlement solutions.
BNY Mellon has previously expressed interest in digital asset custody, while Ripple has been actively expanding its partnerships with traditional financial institutions worldwide.
Whale accumulation and on-chain activity surge
On-chain data shows a significant increase in large XRP transactions and wallet activity over the past week. Whale addresses holding more than 10 million XRP have accumulated a combined 200 million tokens in just a few days, according to data from Santiment.
Meanwhile, XRP ledger activity has also picked up, with higher transaction throughput and growing usage of RippleNet services in Asia and Latin America.
Technical and macro context
The broader crypto market rally has also helped lift XRP, as assets across the board benefit from increased risk appetite, dovish signals from central banks, and surging inflows into crypto funds.
With the XRP price now above its 50-day and 200-day moving averages, traders are watching closely to see if the breakout can sustain. A confirmed weekly close above $0.65 could mark a longer-term trend reversal.
Source: Cointelegraph
Jack Ma’s Ant international joins forces with Circle to expand USDC use globally
Ant International, a global affiliate of Jack Ma’s Ant Group, has announced a strategic partnership with Circle, the issuer of the USDC stablecoin. The collaboration aims to broaden the global use of USDC in cross-border payments, with a focus on seamless, secure and scalable digital settlement infrastructure.
This marks a major development in the convergence between traditional fintech giants and the blockchain-based stablecoin ecosystem.
USDC to power cross-border payments for Alipay+ merchants
The partnership will enable Circle’s USDC to be integrated into Alipay+, Ant International’s cross-border payment platform used by merchants and consumers in over 40 countries. This integration is expected to enhance settlement efficiency and reduce transaction costs, particularly for small businesses and international remittances.
Circle CEO Jeremy Allaire emphasized that the collaboration is a step toward making USDC “the most widely accessible, trusted digital dollar on the internet.” Alipay+ will now have the ability to leverage USDC for near-instant, borderless transactions.
Strategic alignment with China’s global payment vision
Though based outside of mainland China, Ant International plays a key role in Beijing’s push for financial innovation without undermining capital controls. The partnership with Circle positions USDC as a complementary tool in expanding global commerce without directly challenging sovereign currencies like the Chinese digital yuan.
This allows Ant Group to innovate while navigating sensitive geopolitical and regulatory landscapes.
Jack Ma’s quiet influence on stablecoin adoption
While Jack Ma has remained out of the public spotlight in recent years, Ant International’s actions reflect his broader fintech vision: integrating advanced technologies into scalable global platforms. Partnering with Circle brings one of the most compliant and regulated stablecoins into Ant’s payment ecosystem, potentially accelerating mainstream acceptance of USDC in Asia, the Middle East and Africa.
The move may also reignite regulatory debate, especially in the U.S. and Europe, over the role of foreign fintech firms in deploying U.S.-denominated digital currencies.
Source: The Block