Bitcoin crossed the $120,000 for the primary time on Monday, marking a brand new milestone for the world’s largest cryptocurrency as buyers guess on long-sought coverage wins for the trade this week.
Bitcoin scaled a file excessive of $123,153.22 earlier than pulling again barely to commerce 2.4% greater round $122,000.
Later within the day, the U.S. House of Representatives will debate a collection of payments to supply the digital asset trade with the nation’s regulatory framework it has lengthy demanded.
Those calls for have resonated with U.S. President Donald Trump, who has known as himself the “crypto president” and urged policymakers to revamp guidelines in favor of the trade.
“It’s riding a number of tailwinds at the moment,” mentioned IG market analyst Tony Sycamore, citing robust institutional demand, expectations of additional beneficial properties and assist from Trump as causes for the bullishness.
“It’s been a very, very, strong move over the past six or seven days and it’s hard to see where it stops now. It looks like it can easily have a look at the $125,000 level,” he mentioned.
The surge in bitcoin, which is up 30% for the 12 months to date, has sparked a broader rally throughout different cryptocurrencies over the previous few classes, even within the face of Trump’s chaotic tariffs.
Ether, the second-largest token, scaled a greater than five-month excessive of $3,059.60, whereas XRP and Solana gained about 3% every.
The sector’s complete market worth has swelled to about $3.81 trillion, in accordance with knowledge from CoinMarketCap.
“What we find interesting and are watching closely are the signs that bitcoin is now being seen as a long-term reserve asset, not just by retail investors and institutions but even some central banks,” mentioned Gracie Lin, OKX’s Singapore CEO.
“We’re also seeing increasing participation from Asia-based investors, including family offices and wealth managers. These are strong signs of bitcoin’s role in the global financial system and the structural shift in how it is perceived, suggesting that this isn’t just another hype-driven rally.”
Earlier this month, Washington declared the week of July 14 as “Crypto Week,” throughout which members of Congress are set to vote on the Genius Act, the Clarity Act, and the Anti-CBDC Surveillance State Act.
The most vital invoice is the “Genius Act,” which might create federal guidelines for stablecoins.
Elsewhere, costs of crypto shares and exchange-traded funds (ETFs) superior.
In U.S. premarket buying and selling, shares of crypto change Coinbase surged 1.7%, whereas bitcoin holder Strategy climbed 3.3%. Crypto miner Mara Holdings jumped 4.6%.
Hong Kong-listed spot bitcoin ETFs launched by China AMC, Harvest and Bosera all hit file highs.
Source: www.dailysabah.com