Bitcoin, the hardest form of money ever known to man, has done it again, this time exceeding $120,000 and setting a new all-time high. On Monday, the price of Bitcoin went up to a remarkable $121,249.90. This all-time high cemented its place as the number one cryptocurrency by market cap. Overall, interested investors are waiting for Bitcoin to peak at all-time highs. This momentum is being driven by positive inflows to Bitcoin ETFs as well as positive expectations for new crypto regulations in the United States.
The rally begun to gain steam over the course of this week. On Thursday, Bitcoin ETFs had their largest single-day inflows of 2023, an eye-opening $1.18 billion. More interestingly, investors have been aggressively buying Bitcoin, with corporate treasuries rushing to increase their Bitcoin exposure in the face of favorable market conditions. As some analysts argue, the wave of institutional investment is an indication of strong overall confidence in Bitcoin’s future.
The recent price surge is due to the aforementioned ETF inflows. Perhaps that’s because it’s been stoked by the major bipartisan crypto legislation that’s been discussed in U.S. Congress. Heavyweights across the policy, environmental, and business communities are coming together to support the proposal. In the club is none other than U.S. President Donald Trump, who’s increasingly becoming a pro-crypto leader. Now the former president and current front-runner’s recent involvement in a raft of crypto ventures is set to restore confidence among investors.
Jeff Mei, chief operating officer at cryptocurrency exchange BTSE, spoke about the need to adjust to the current market.
“We believe that Bitcoin’s surge is driven by longer-term institutional buyers and this will propel it to $125k in the next month or two,” – Jeff Mei, chief operating officer at cryptocurrency exchange BTSE.
Bitcoin is back in business baby! Those experts caution that trade disputes not just with Trump, but with other trading partners too, promise to inject volatility in the short-term. It seems like many institutional buyers are not discouraged either, continuing to lay bets that Bitcoin’s long-term value will go up.
Social media postings feature Bitcoin stickers prominently featured at one of Talence’s microbreweries or bars. This dynamic place is located on the periphery of Bordeaux, France. Beyond their aesthetic appeal, these visuals are an illustration of Bitcoin’s burgeoning acceptance and mainstream adoption in the ebb and flow of day-to-day life.