Bitcoin Blasts Past $122K to Fresh ATH But Can the Momentum Hold?
The post Bitcoin Blasts Past $122K to Fresh ATH But Can the Momentum Hold? appeared on BitcoinEthereumNews.com. The Bitcoin price is supported by surging institutional demand, with 24-hour trading volumes jumping 158% to $110.1 billion, with strong inflows into spot Bitcoin ETFs. The rally coincides with “Crypto Week” in Washington, where the GENIUS and CLARITY Acts are under discussion. Bitcoin price jumped to another all-time high level of $123,091.61 on Monday July 14, a 56% gain from its lows in April this year. The recent development has given Bitcoin a humongous market valuation of $2.42 trillion. Moreover, investor interest increased as the 24-hour trading volume jumped by 158.10% to arrive at record levels of $110.10 billion, as mentioned in our earlier report. Bitcoin Price Surges Past $123K The new rally of the cryptocurrency is being directly connected to the increased interest of the financial giants, the interest in the spot BTC ETFs listed in the U.S. and the new wave of legislative impetus in Washington. Jeff Mei, the Chief Operating Officer of crypto exchange BTSE, says that the move is borne of long-horizon capital. “We’re seeing steady inflows from institutional allocators, and that kind of conviction could push Bitcoin toward the $125,000 mark in the near term,” Mei said. The rally is unfolding against the backdrop of “Crypto Week” in the United States, a multi-day policy event that has placed digital assets at the center of Capitol Hill debates. The Congress is already considering the GENIUS and the CLARITY Acts, which are aimed at restructuring the legislative framework of cryptocurrencies and stablecoins. Whilst, President Donald Trump has repeated his pro-crypto sentiments by supporting crypto-related infrastructure, including the crypto reserve program. To further the mood on the market, Trump Media & Technology Group filed an application seeking a multi-token exchange-traded fund with BTC in the spotlight. The corporate world is also bullish towards Bitcoin. Metaplanet, a Japanese tech…
The post Bitcoin Blasts Past $122K to Fresh ATH But Can the Momentum Hold? appeared on BitcoinEthereumNews.com.
The Bitcoin price is supported by surging institutional demand, with 24-hour trading volumes jumping 158% to $110.1 billion, with strong inflows into spot Bitcoin ETFs. The rally coincides with “Crypto Week” in Washington, where the GENIUS and CLARITY Acts are under discussion. Bitcoin price jumped to another all-time high level of $123,091.61 on Monday July 14, a 56% gain from its lows in April this year. The recent development has given Bitcoin a humongous market valuation of $2.42 trillion. Moreover, investor interest increased as the 24-hour trading volume jumped by 158.10% to arrive at record levels of $110.10 billion, as mentioned in our earlier report. Bitcoin Price Surges Past $123K The new rally of the cryptocurrency is being directly connected to the increased interest of the financial giants, the interest in the spot BTC ETFs listed in the U.S. and the new wave of legislative impetus in Washington. Jeff Mei, the Chief Operating Officer of crypto exchange BTSE, says that the move is borne of long-horizon capital. “We’re seeing steady inflows from institutional allocators, and that kind of conviction could push Bitcoin toward the $125,000 mark in the near term,” Mei said. The rally is unfolding against the backdrop of “Crypto Week” in the United States, a multi-day policy event that has placed digital assets at the center of Capitol Hill debates. The Congress is already considering the GENIUS and the CLARITY Acts, which are aimed at restructuring the legislative framework of cryptocurrencies and stablecoins. Whilst, President Donald Trump has repeated his pro-crypto sentiments by supporting crypto-related infrastructure, including the crypto reserve program. To further the mood on the market, Trump Media & Technology Group filed an application seeking a multi-token exchange-traded fund with BTC in the spotlight. The corporate world is also bullish towards Bitcoin. Metaplanet, a Japanese tech…
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