Bitcoin breaks $123,000 price record
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The price of bitcoin surpassed $122,000 on Monday after surging beyond $120,000 for the first time over the weekend, the latest milestone for the world’s most valuable cryptocurrency as House Republicans stir regulatory optimism among investors.
Bitcoin has surged over 25% year-to-date, reaching record highs above $122,000, fueled by massive inflows from Wall Street, including $85 billion from new Bitcoin ETFs over the last year or so. The influx of traditional capital is also reducing Bitcoin’s volatility. The declining value of the U.S. dollar is helping too.
Bitcoin vaulted past $120,000 for the first time on Monday, the latest milestone for the world's largest cryptocurrency as investors bet on long-sought policy wins for the industry this week, which has been dubbed "crypto week" by U.
The companies last month became the first ASX-listed stocks to adopt a bitcoin treasury, hoping to replicate the success of Michael Saylor’s Strategy that sent the stock soaring 3300 per cent.
The original cryptocurrency has moved to the mainstream, with institutional investors and exchange traded funds helping build momentum. But some analysts remain sceptical about bitcoin's trajectory.
The cumulative open interest in USDT and dollar-denominated BTC perpetuals on offshore exchanges has risen to 268K, the highest since May. Still, the tally remains locked in the nearly two-year-long range of 200K BTC to 255K BTC. A break out here could mean influx of new money chasing upside.
The cryptocurrency has extended its rally as lawmakers consider legislation that would bring digital tokens further into the mainstream.
Bitcoin has breached another record level, hitting $120,000 for the first time. On Monday, bitcoin was 2.7% higher at $120,990.05 at 12:35 a.m. ET. The world's biggest cryptocurrency has been on a winning streak after hitting record highs for three days last week.
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