Bitcoin breaks through $119,000, narrowing 24-hour losses to 0.58%

BTC currently broke through $119,000 and is now at $119,035.05, with a 24-hour drop of 0.56%. The market is volatile, so please do a good job of risk control.

Bitcoin once soared to an all-time high of more than $123,000, and altcoins also rose as cryptocurrency bulls welcomed the U.S. government's passage of a key cryptocurrency regulatory bill.

Bitcoin was also boosted by the disclosure of $2 billion worth of Bitcoin reserves held by Trump Media & Technology Group Corp (NASDAQ:DJT), the technology company of U.S. President Donald Trump.

But by Tuesday, the rally seemed to have been exhausted, and Bitcoin had fallen sharply from its recent highs.

Other altcoins also recorded some losses after strong gains in recent trading days.

With Trump's tariffs set to take effect on August 1 and the Federal Reserve meeting next week, the market's enthusiasm for risky assets has also cooled.