Bitcoin surges to all-time high, goes past $118,000 level

As equities wobble in the face of a fresh tariff onslaught from US President Donald Trump, Bitcoin bulls are positioning for a fresh rally. Bitcoin broke out of a nearly two-month lull late on Thursday, just as Trump unleashed a trade salvo that sent stocks lower.

By early Friday in London, the cryptocurrency topped $118,000 for the first time and some options traders were targeting levels as high as $150,000. Bullish signs are accumulating in various areas, from renewed ETF inflows to a US Congressional committee declaring next week as "Crypto Week." There are also signs that China, which banned crypto speculation for four years, is rethinking its policy.

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