Demand from institutional investors and US President Donald Trump’s crypto-friendly policies have helped the world’s largest cryptocurrency, Bitcoin, to rise to a record high of $1,17780.34. It has shown an uptick of more than 21.3 per cent since last year.
In March, Trump signed an executive order to establish a strategic reserve of cryptocurrencies. Others in Trump’s administration, including White House Artificial Intelligence czar, David Sacks, and Securities and Exchange Commission’s (SEC) Paul Atkins, have both been backing crypto surges.
But, the biggest push perhaps came from Trump’s decision to foray into bitcoin and other cryptocurrencies through his family business, Trump Media and Technology Group, which is planning to launch an exchange-traded fund to invest in various crypto tokens including Bitcoin, an SEC filing revealed.
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Trump Media, in which Trump is the largest shareholder despite not holding any position, had previously raised $2.5 billion in cash to invest in Bitcoin.
With July 14 marking the start of the ‘Crypto Week’, investors are eagerly awaiting crypto surges as attention shifts from Trump’s trade-related announcements and renewed deadlines. Ethereum, another cryptocurrency, rose by 6.4% to $3,001.91 since Trump returned to the White House in January, 2025.
The Reserve Bank of India’s (RBI) governor, Sanjay Malhotra, meanwhile, told a parliamentary panel that the central bank was closely monitoring global cryptocurrency developments as it remains concerned about the impact of crypto on financial stability. India is also expected to release a paper on crypto soon.
While the RBI has been emphasising the effectiveness of UPI for digital payments, it is also developing its own CBDC or the Digital Rupee (e₹) – a digital version of India’s physical currency, the Rupee.
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