Bitcoin hit a record high of over $122,000 in Asian trading on Monday, buoyed by optimism over growing institutional adoption and ahead of a highly anticipated “Crypto Week” in Washington, starting later in the day.
The world’s largest cryptocurrency last traded up 3.9% at $122,467.8 as of 01:48 ET (05:48 GMT). It briefly hit a record high of $122,562.4.
Bitcoin surges past $121k on institutional boost
Bitcoin’s latest gains came after Japanese hotelier turned Bitcoin treasurer Metaplanet Inc (TYO:3350) said it acquired an additional 797 Bitcoins to bring its total holdings to 16,352 coins. The firm is the fifth-largest corporate holder of Bitcoin.
Bitcoin was on a tear over the past week, fueled by strong ETF inflows and increasing hopes for more crypto-friendly regulation in the United States.
“Following record highs established on 23 May, Bitcoin has maintained a mildly bearish trajectory. However, last week’s price action suggests the correction phase has concluded,” IG analysts said in a note.
“Momentum indicators are improving as July trading volume tracks to recover or exceed May’s levels following a subdued June,” they added.
Institutional demand remains robust. U.S. spot bitcoin ETFs have enjoyed record-breaking inflows, and prominent asset managers such as BlackRock (NYSE:BLK) and Fidelity continue to expand their crypto holdings.
Crypto-related equities echoed Bitcoin’s ascent, with U.S.-listed miners and ETF-linked stocks like Riot Platforms (NASDAQ:RIOT), Mara Holdings, and Strategy (NASDAQ:MSTR) showing notable gains last week
