Bitcoin Shatters $120K Barrier Amidst Policy Support
Bitcoin soared past $120,000, signaling a new high for the cryptocurrency market. Anticipated policy decisions in the U.S., backed by President Trump, bolstered the rise. Institutional interest and Asian market participation further solidified Bitcoin's status as a long-term reserve asset.
Bitcoin achieved a significant milestone on Monday, crossing the $120,000 mark for the first time. This remarkable climb in value is attributed to investors' optimism around potential policy wins for the cryptocurrency industry this week.
The U.S. House of Representatives is set to discuss key bills, including the Genius Act, which aims to establish federal rules for stablecoins. President Donald Trump, self-dubbed as the 'crypto president,' has voiced his support for revised regulations that favor the industry, adding to the bullish sentiments.
Amid this backdrop, Bitcoin's valuation sparked a rally across other cryptocurrencies, with Ether reaching a five-month peak. Analysts, like IG's Tony Sycamore, cite robust institutional demand and evolving perceptions of Bitcoin as a reserve asset as pivotal factors in this upward trajectory.
(With inputs from agencies.)
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