Bitcoin, record value over $120,000 - In the "Cryptocurrency Week" of American lawmakers
Bitcoin has surged past $120,000 to a record high ahead of U.S. lawmakers' "Cryptocurrency Week." The value of the largest cryptocurrency by market capitalization topped $122,600 in Asian markets.
According to experts, Bitcoin's growth has been driven by long-term institutional buyers and this is expected to take it to $125,000 in the next month or two.
Cryptocurrency experts believe that Trump's trade disputes with the EU, Mexico and other trading partners could cause a decline in the coming week, but it is likely that institutional Bitcoin buyers are underestimating this risk and are maintaining their positions that Bitcoin will continue to appreciate in the long run.
Investors have predicted that bitcoin will reach new records this year, as corporate treasuries accelerate their purchases and the US Congress moves closer to passing new legislation on cryptocurrencies.
The House of Representatives will begin considering a series of cryptocurrency bills on Monday in what has been dubbed ‘Cryptocurrency Week.’ The potential bills aim to provide a clearer regulatory framework for the digital asset industry.
This policy has long been requested by the industry and is supported by US President Donald Trump, who has called himself a pro-cryptocurrency President and is involved in several cryptocurrency ventures.
One of the most important bills being considered is the Genius Act, which could create federal protections for stablecoins pegged to the US dollar and create a path for private companies to issue digital dollars.
On the other hand, experts believe that the value of Bitcoin is also closely linked to the continuation of aggressive policy by the US Federal Reserve and the further increase in interest rates due to tariffs.
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