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Bitcoin broke through the $125,000 mark for the first time on Sunday, extending a powerful rally that analysts say could continue into the end of the year.

The world’s largest cryptocurrency jumped 3 per cent in Asian trading to reach $125,245, propelled by institutional inflows, a weaker US dollar, and renewed political support for digital assets in Washington.

The milestone follows months of sustained momentum for Bitcoin and the wider digital asset market, buoyed by growing exchange-traded fund (ETF) activity and a steady reallocation of capital away from traditional equities and bonds.

Nigel Green, chief executive of deVere Group, said he expects Bitcoin to reach $150,000 before the end of 2025, describing the rally as “a reflection of structural change” in global markets.

“Bitcoin is no longer a speculative corner of the market; it’s being treated as a legitimate macro instrument,” Green said.
“Institutional capital, treasury allocations, and sovereign interest are reshaping the market’s depth and maturity.”

He added that each market correction this year has been followed by stronger support levels, indicating that demand is now driven by “conviction capital rather than short-term bets.”

Weaker dollar fuels demand for alternative assets

The latest surge coincides with renewed weakness in the US dollar, which has slipped to multi-week lows amid uncertainty over fiscal policy and growing debt concerns.

Investors have responded by moving into alternative stores of value, including Bitcoin, which many now view as a hedge against both inflation and sovereign risk.

“Every time the dollar softens or government data is delayed, the market is reminded of the value of decentralised, borderless assets,” Green said.

“Bitcoin’s appeal strengthens when trust in central authority is questioned — and right now, that trust is under heavy strain.”

Trading volumes topped $50 billion in the past 24 hours, according to market data, as bullish sentiment triggered new inflows and forced the liquidation of more than $200 million in short positions.

Green said the market environment for digital assets has shifted decisively since President Donald Trump reaffirmed his intention to make the US a global hub for crypto and blockchain innovation.

“When the administration signals openness to innovation, it catalyses institutional confidence,” he said. “This policy tailwind, coupled with clearer regulation, is propelling Bitcoin into the mainstream of portfolio strategy.”

Bitcoin has increasingly been trading as both a risk asset — moving in line with broader market optimism — and a safe-haven hedge, attracting investors seeking diversification amid currency volatility.

“The current cycle is defined by integration, not speculation,” Green said.
“Large asset managers, corporates and even governments are incorporating Bitcoin into their frameworks for diversification and strategic reserves.”

Despite intermittent profit-taking, analysts say Bitcoin’s accumulation trend remains intact, with institutional investors and high-net-worth individuals continuing to build positions on every dip.

Green said that with fiscal uncertainty, limited supply, and growing mainstream adoption, Bitcoin’s path towards $150,000 before year-end “looks increasingly achievable.”

“We’re in a phase where digital assets are integral to the global financial system,” he said. “Bitcoin’s limited supply and growing integration make it an essential hedge in a world of mounting fiscal pressure and currency depreciation.”

Analysts expect continued volatility but agree the market has matured significantly since the last major bull run in 2021, with liquidity, institutional participation, and policy clarity now driving the next phase of Bitcoin’s evolution.

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Bitcoin hits record $125,000 with experts predicting climb to $150,000 by year-end

Sir Jim Ratcliffe’s chemicals empire, Ineos, has introduced a company-wide hiring freeze as it prioritises debt reduction following years of rapid expansion and weakening market conditions.

The British-founded group confirmed a “general recruitment freeze” while tightening capital spending after acquiring assets worth around €2.7 billion across the US, Europe and Asia between 2022 and 2024.

The move comes as Ineos grapples with overcapacity in the chemicals market, new US tariffs and falling prices that have squeezed margins across its core businesses.

Ratcliffe, 72, who co-owns Manchester United, has halted dividend payments to focus on reducing the group’s €11.1 billion debt, aiming to bring leverage down to three times earnings.

The billionaire industrialist controls Ineos alongside long-time partners Andy Currie and John Reece through a holding structure based in the Isle of Man.

Although recruitment has been frozen, Ineos said it would continue to fill “essential” positions to sustain its 24,000-strong global workforce. Around 136 roles remain advertised across the group’s 30 business units spanning chemicals, oil and gas.

Ineos has also scaled back capital expenditure to conserve cash. However, it remains committed to its multibillion-euro ethylene plant in Antwerp, Belgium — one of Europe’s largest chemical investments in recent years.

To finance the project, the company recently raised €650 million in new debt, underlining its long-term confidence in the European market despite current headwinds.

Global chemical market slowdown hits margins

The global chemicals industry downturn has been deepened by China’s rising exports, which have outstripped domestic demand and forced prices lower worldwide. European producers, meanwhile, face higher energy costs and carbon taxes.

Credit rating agencies have reacted by downgrading Ineos’s debt, warning of uncertainty over its deleveraging targets. Moody’s said the group retains “leading market positions” and “a well-invested asset base” but remains exposed to a prolonged industry slump.

For the quarter ending 30 June, Ineos reported a pre-tax loss of €42.9 million, reversing a €291.8 million profit a year earlier. Revenues fell to €3.8 billion from €4.4 billion, while net debt stood at €11.1 billion.

The company said market sentiment “remained weak”, with Asia showing “soft conditions” and European operations hindered by energy and carbon costs. Ineos has implemented “strict controls” on discretionary expenditure and postponed non-essential projects “where it is safe to do so”.

Manchester United’s debt adds to Ratcliffe’s financial challenges

Away from Ineos, Ratcliffe faces mounting challenges at Manchester United, where the club is battling seven years of losses and £640 million of debt. Hundreds of jobs have been cut as part of a cost-saving programme.

After taking a 27.7 per cent stake earlier this year, Ratcliffe has said that the club had “gone off the rails” and been “spending more money than it’s been earning” in the run-up to his investment.

The billionaire’s dual focus — stabilising Ineos while restructuring one of the world’s biggest football clubs — highlights the growing pressure across his portfolio as global markets tighten and borrowing costs rise.

Despite the belt-tightening, Ineos insists it remains committed to its long-term industrial strategy and investment in low-carbon technologies. However, with the chemicals industry slowdown expected to persist until at least 2027, analysts say Ratcliffe faces a prolonged period of financial discipline.

As one of Britain’s richest industrialists, his ability to steer both Ineos and Manchester United through this volatile period will be watched closely by markets and investors alike.

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Ineos halts hiring as Jim Ratcliffe moves to cut €11bn debt load

The chief executive of Entain, the FTSE 100 owner of Ladbrokes and Coral, has warned the government that higher gambling taxes in next month’s Budget could lead to widespread betting shop closures and a sharp reduction in UK investment.

In her first interview since taking the role permanently in April, Stella David said any increase in gambling duties would compel Entain “to consider its investment level in the UK”. She added there was “no doubt” that higher taxes would trigger “shop closures” across its 2,300 high street outlets.

“At the end of the day we want to make a profitable global business,” David said. “If the UK becomes uncompetitive, there are other markets we can pivot to. Every point of tax increase has a consequence — certain shops become unviable, and the scale depends on how far it goes.”

The warning comes amid growing expectations that Chancellor Rachel Reeves will raise gambling taxes in her November Budget, following calls from former prime minister Gordon Brown to use the proceeds to help fund the removal of the two-child benefit cap.

Proposals under consideration include raising the remote gambling duty on online betting from 21% to 50%, increasing slot and gaming machine duties from 20% to 50%, and lifting general betting duty on non-racing bets from 15% to 25%.

A report by the Institute for Public Policy Research estimated these measures could raise around £3.2 billion annually for the Treasury.

At the Labour Party Conference last week, Reeves said there was “a case for gambling firms paying more,” adding: “They make an important contribution to the economy but should pay their fair share of taxes — and we’ll make sure that happens.”

Entain says it already ranks among UK’s top taxpayers

David insisted that Entain already makes a “fair contribution,” highlighting that the company is among the UK’s top 20 taxpayers, contributing £513 million to the Exchequer last year.

Across the wider gambling sector, operators pay about £4 billion in tax annually, according to the Betting and Gaming Council. The industry also contributes £350 million to British horse racing, £40 million to English football, and over £12.5 million to sports including snooker, darts, and rugby league.

‘Black market will be the biggest winner’ of tax rises

David warned that any sharp increase in duties would hand a competitive advantage to unregulated black-market operators, arguing that customers are often unaware they are betting on illegal sites.

“The biggest winner by far would be the black market,” she said. “These operators are there to take as much cash out of the UK as possible, with as little friction as possible. They look slick and professional — but none of the profits they make come back to the UK in tax.”

She cited the example of the Netherlands, where an increase in gambling taxes from 30.5% to 34.2% earlier this year coincided with a fall in both online and retail gaming revenues, according to the national regulator KSA.

Asked whether Entain could follow Flutter, the Paddy Power and Betfair parent that shifted its primary listing to the United States, David said it was “not on the table right now” but would be considered “if it was in the best interests of the company”.

“There are opportunities in the US,” she said. “If the situation changed here, we would have to consider them.”

Anna Hargrave, chief executive of GambleAware, said the debate over gambling taxes highlights a broader public health issue. “It’s for the government to decide on any potential gambling tax,” she said, “but we welcome the focus this is bringing to the issue, as gambling harm affects millions of people every year.”

With the Treasury eyeing new revenue sources and the gambling industry warning of job losses and capital flight, Reeves faces a delicate balancing act in November’s Budget.

For now, Entain — employing more than 14,000 people in the UK — is signalling that any sharp fiscal change could reshape its footprint on Britain’s high streets, just as Labour seeks to prove it can be both pro-growth and fiscally responsible.

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Entain chief warns Labour against gambling tax rise that could trigger UK shop closures