Bitcoin surpassed $122,000 on Asian markets, reaching its highest level on record. Having reached as high as $121,156.4 earlier on Monday, the world’s largest cryptocurrency was trading at $120,778.8, a 2.7 percent increase as of 3:48 a.m. The record surge was driven by increased institutional demand, the upcoming “Crypto Week” in the US, and regulatory hopes.
Bitcoin surpasses $122,000
Bitcoin’s recent surge accelerated after Japanese hotel chain Metaplanet announced the purchase of 797 more Bitcoins. The company’s total Bitcoin holdings reached 16,352. This move made Metaplanet the fifth-largest institutional investor in Bitcoin.
Another factor in Bitcoin’s momentum over the past week was the strong interest in spot Bitcoin ETFs in the US. The increase in crypto holdings by major asset management firms like BlackRock and Fidelity has created a positive market sentiment. Record inflows in spot ETFs reflect investors’ long-term confidence.
Amidst all these developments, all eyes are on “Crypto Week,” which begins this week in the US House of Representatives. Congress is preparing to debate critical legislative proposals that will directly impact the digital finance world.
Among these are legislation such as the Genius Act, the Clarity Act, and the Anti-CBDC Surveillance State Act. The bills aim to clarify the legal framework for stablecoins, digital asset custody services, and the overall digital finance infrastructure.
This surge in interest in crypto assets wasn’t limited to Bitcoin. Shares of crypto-related companies listed on US exchanges also saw significant increases. Shares of companies like Riot Platforms, Mara Holdings, and MicroStrategy saw significant gains last week.
Another reason for the surge was a notable development in China. While cryptocurrency trading remains prohibited in China, the Shanghai State Assets Regulatory Authority held a special briefing last week with officials on stablecoin and digital currency policies, which was interpreted as a sign of a softening of China’s stance on crypto. The timing of this meeting raised the possibility of a new policy shift driven by China in global markets.
