Bitcoin (COIN:BTCUSD) surged to a new all-time high above $122,000 in early Asian trading on Monday, driven by a surge in institutional interest and ahead of a pivotal week for U.S. cryptocurrency legislation.
As of 05:48 GMT, Bitcoin was trading up 3.9% at $122,467.8, having briefly peaked at $122,562.4 earlier in the session.
Institutional Buying Fuels Rally Past $121K
The latest leg up in Bitcoin’s rally followed a major purchase from Metaplanet Inc. (USOTC:MTPLF), a Japanese hotel operator-turned-Bitcoin advocate, which added 797 coins to its balance sheet. The company now holds 16,352 BTC, making it the fifth-largest corporate Bitcoin holder globally.
Bitcoin’s momentum has been building steadily, underpinned by strong inflows into U.S. spot Bitcoin ETFs and renewed optimism for crypto-positive regulatory developments. Hopes for supportive legislation in Washington have also played a role.
“Although Bitcoin showed mild bearishness after hitting its previous peak in late May, recent price action suggests the correction may have run its course,” analysts at IG wrote in a note. “Technical indicators are turning bullish, and July’s trading volume is on pace to match or surpass May’s levels after a quieter June.”
The rally has extended beyond Bitcoin itself, with shares of crypto-focused firms like Riot Platforms (NASDAQ:RIOT), Marathon Digital Holdings (NASDAQ:MARA), and MicroStrategy (NASDAQ:MSTR) also posting strong gains in recent sessions.
Eyes on Washington as ‘Crypto Week’ Kicks Off
Investor sentiment is increasingly focused on a series of legislative debates scheduled for this week in the U.S. House of Representatives, dubbed “Crypto Week.” Lawmakers are set to discuss several significant proposals, including the Clarity for Digital Tokens Act, the Genius Act, and the Anti-CBDC Surveillance State Act.
If passed, these bills could lay the groundwork for long-awaited regulatory clarity around stablecoins, crypto custody, and the broader digital asset space.
Adding to the bullish tone was a high-level meeting held last Thursday by China’s state asset regulator in Shanghai, which reportedly discussed digital currency and stablecoin strategy with local officials. While crypto trading remains banned in China, the meeting has been interpreted by some as a potential softening of the country’s stance.
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