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Bitcoin Blazes Past $118K Peak

Bitcoin smashed another record Friday, punching through $118,000 during Asian trading and settling near $117,800 by midday in New York. The intraday peak—about $118,755—is regarded as bitcoin’s highest price ever recorded.

The benchmark cryptocurrency now sits 27% higher year-to-date—triple the S&P 500’s 7% climb and ahead of Nvidia, whose stock is up 22% after briefly cresting a $4 trillion valuation on Wednesday.

Two forces are seemingly driving the breakout. First, listed companies keep swapping cash for coins. MicroStrategy still leads, but a growing roster of midsize firms has followed since April’s post-tariff pullback, treating bitcoin as a balance sheet hedge rather than a speculative side bet.

You can read more on the matter here.

What’s going on?

• RCMP Ordered to Find $98M in Budget Cuts, Leaked Email Reveals (theDeepDive)

• Trump’s 35% tariff threat on Canada will likely exempt USMCA goods, U.S. official says (Globe)

• Trump Tariffs Hits Ottawa With 35% Levy on Canadian Imports (theDeepDive)

• US state department begins firings of more than 1,000 employees (FT)

• Brazil’s Lula: ‘We Can Survive Without the US’ After Trump Tariff Threat (theDeepDive)

• EU waits on Trump letter as markets digest latest tariff salvo (Reuters)

• Mortgage Delinquencies in Toronto Hit 12-Year High as Rate Triples to 0.22% (theDeepDive)

• Trump Threatens GOP Senators Over Vote on DOGE Cuts (WSJ)

• Carney Orders Biggest Federal Budget Cut Yet, Aiming For $25B In Savings (theDeepDive)

• Canadian unemployment rate unexpectedly drops in June to 6.9% (Globe)

• Enrollment Free-Fall Forces Historic Mass Layoffs Across Ontario’s Public Colleges (theDeepDive)

What’s the latest?

• Stocks: U.S. stocks slipped Friday, pulling back from record highs after President Trump announced a steep 35% tariff on Canadian imports, up from 25%. The S&P 500 fell 0.4%, the Dow dropped 257 points, and the Nasdaq declined 0.2%. The market is on track for its first weekly loss in three weeks. Bond yields rose, with the 10-year Treasury at 4.40%. Levi Strauss jumped 8.2% on strong earnings, while T-Mobile was flat after the DOJ cleared its $4.4B U.S. Cellular deal. Bitcoin briefly hit an all-time high above $118,000.

• X: French prosecutors have opened a police investigation into alleged data tampering and fraud involving Elon Musk’s social media platform, X. The probe, led by a cybercrime unit of the French gendarmerie, focuses on organized manipulation and unauthorized data extraction from automated systems. The investigation follows claims from a French MP and a senior government official about X’s algorithm potentially being used for foreign interference. Authorities launched the probe after receiving further evidence from researchers and public institutions.

• Crypto: U.S.-listed crypto stocks surged Friday as Bitcoin hit a new record high above $118,000, ahead of next week’s U.S. House debates on three key crypto bills: the Genius Act, Clarity Act, and Anti-CBDC Surveillance State Act. Investors see this “Crypto Week” as a turning point for long-awaited regulatory clarity, boosting institutional confidence. Bitcoin is up 26% this year and nearly 41% over the last three months, fueling rallies in altcoins like Ether, XRP, and Solana. However, critics warn of hype, volatility, and potential conflicts of interest tied to the Trump administration’s crypto-friendly stance.

• Politics: Ontario Premier Doug Ford announced that Prime Minister Mark Carney will hold a first ministers’ meeting on July 22 in response to U.S. President Donald Trump’s latest tariff threat. Trump plans to impose a 35% tariff on some Canadian goods starting August 1, citing Canada's role in the U.S. fentanyl crisis. Carney pledged to defend Canadian workers and businesses, while the Toronto Region Board of Trade and Unifor criticized Trump’s move as politically motivated. Exemptions under the North American trade pact remain, but steel, aluminum, vehicle, and copper tariffs will stay in effect.

• Trade War: Foreign investment in Montreal surged 55% to $1.69 billion in the first half of 2025, despite Canada’s ongoing trade war with the U.S. Montréal International supported 29 projects, creating 1,866 jobs with average salaries of $101,000. Notably, 46% of the investment came from U.S. firms. CEO Stéphane Paquet said immigration policy uncertainty poses a bigger threat to investment than tariffs.

Why Silver’s True Price Could Be Much Higher

The stock market and stuff

• Rogers Hikes Sportsnet+ Prices Up to 30%, Sparking Fan Backlash (theDeepDive)

• Could Coinbase-Perplexity Tie-Up Redefine Real-Time Crypto Insight? (theDeepDive)

• Nvidia’s Jensen Huang sells more than $36 million in stock, catches Warren Buffett in net worth (CNBC)

• Bitcoin Blasts Past $118K-Mark, Leaving Nvidia and the S&P 500 in Its Dust (theDeepDive)

• House GOP To Push US As The “Crypto Capital Of The World” In Crypto Week (theDeepDive)

In the juniors

• Ero Copper Intercepts 105 Meters at 1.54% CuEq¹ at Furnas Copper-Gold Project – Successfully Completes Phase 1 Drill Program (JMN).

• .Baselode Energy - Forum Energy Metals: Aberdeen Project Drilling Underway (JMN)

• .Power Metallic Mines Provides Update on Summer 2025 Exploration Programs at Nisk Project (JMN)

FULL DISCLOSURE: Power Nickel is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Power Nickel. The author has been compensated to cover Power Nickel on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.