Bitcoin hits a new all-time high as institutional adoption, sovereign reserves, and ETF inflows signal a lasting shift in adoption.

The U.S. dollar rose on Friday, fuelled by upheavals on the global trade landscape, as U.S. President Donald Trump announced more import tariffs, ranging from 35% on neighbouring Canada to plans for blanket levies of 15% or 20% on most trading partners.

Trump’s upcoming crypto report may propose a Bitcoin reserve funded without taxpayer money, aiming to boost US leadership in the digital asset space.

Bitcoin saw a massive price surge on Wednesday, not only recovering from the aftershock of President Donald Trump's tariff policy, but also recording an all-time high (ATH) at over $112,000. At the time of writing this story, the BTC price was at $112,016. The cryptocurrency last hit an ATH of $111,970.17 on May 22 and has been struggling since.

President Trump's "big, beautiful bill" includes major changes to federal spending and tax policies. The Congressional Budget Office estimates that the bill could increase the national debt by $3 trillion during the next decade.

Bitcoin (BTC) accelerated its uptrend, reaching new record highs above $113,000 on Thursday. The rally follows mounting uncertainty surrounding the resurgence of tariff-triggered volatility in global markets as the United States (US) seeks to finalize trade deals before August 1, when higher import duties take effect.

The U.S. dollar rose against major currencies including the yen and euro as President Donald Trump rekindled trade tensions with new tariffs on Canada and other trading partners.

File this under "More proof that Bitcoin ( BTC -1.45%) is going mainstream." At the end of June, Texas signed into law a Strategic Bitcoin Reserve that will invest in Bitcoin. Texas becomes the third state to do so, joining New Hampshire and Arizona.

Bitcoin (BTC) price prints a new all-time high near $118,900 on Friday, entering uncharted territory as bullish momentum accelerates. The surge in BTC was supported by rising corporate and institutional demand, with spot Bitcoin Exchange Traded Funds (ETFs) recording a total of $1.69 billion this week as of Thursday.

The dollar edged up across the board on Friday as U.S. President Donald Trump's ramped-up tariffs on Canada and other trading partners sparked a flight to safety.Trump issued a letter late on Thursday that said a 35 per cent tariff rate on all imports from Canada would apply from August 1.