Bitcoin surges to record high above $120K ahead of ‘Crypto Week’
Bitcoin hit a new all-time high above $120,000 on Monday, driven by institutional investors and corporations fueling the surge in the coin’s ETFs.
By 9:35 a.m. ET, the cryptocurrency was trading at $121,673.10, after breaking through $122,000 earlier in the session.
This surge coincides with the upcoming “Crypto Week,” as the US House of Representatives is set to discuss a series of crypto bills starting Monday.
Lawmakers will review legislation during this week that aims to establish clearer regulatory frameworks for the industry, such as the Genius Act, which proposes federal guidelines for stablecoins tied to the US dollar.
President Trump, a self-proclaimed pro-crypto advocate, is endorsing the bills.
Retail investors have taken a back seat in this recent rally as institutional investors have poured into Bitcoin ETFs, with inflows reaching $1.18 billion on Thursday, marking the largest day of inflows this year.
According to Markus Thielen, CEO of 10x Research, institutional investors have invested $15 billion in Bitcoin ETFs over the past six to eight weeks.
Recent records set by Bitcoin are attributed to strong demand meeting limited supply, as explained by Matt Hougan, chief investment officer at Bitwise Asset Management.
Hougan predicts Bitcoin will surpass $200,000 by year-end, driven by significant flows from institutional investors and corporations.
He stated, “They’re accelerating, not slowing down, and I think they’re gonna force that price substantially higher.”
120K ahead Bitcoin Crypto High record Surges week
