Bitcoin has had a further surge in recent days, ahead of the so-called “Crypto week” in the US which starts today, hitting $122,000 in Asian trading this morning.
Bitcoin has been on a fast-rising trajectory in recent weeks, passing $120,000 for the first time, as corporate investors raise the stakes, given the widely held view that the US administration is a crypto-friendly one, and ahead of the US “crypto week” that kicks off later today.
This morning (July 14) Bitcoin hit a further high of $122,000 in Asian trading. Investing.com attributed the surge in large part to the acquisition by Japanese hotelier Metaplant of 797 Bitcoins, bringing its holding to 16,352 coins, and cementing its place as the fifth largest corporate holder of the coin.
While some experts are predicting a dip this week, as the US ups the stakes on tariffs with Canada, Mexico and Europe, this is widely seen as a short-term factor, and corporate investors look to be into Bitcoin for the longer term.
Jeff Mei, chief operating officer at cryptocurrency exchange BTSE agrees, telling CNBC that Bitcoin’s surge is driven by longer-term institutional buyers and this will likely propel it to $125,000 in the next month or two.
This week has been dubbed “crypto week” in the US, as US lawmakers are set to deliberate on a number of crypto bills designed to clarify regulation for the digital asset industry. The industry itself has been calling for this legislative framework. Donald Trump sees himself as pro-Crypto and is expected to put his weight behind any proposed regulation that benefits the crypto sector.
George Mandres, senior trader at XBTO Trading LLC, told Bloomberg the surge signals a maturing attitude toward Bitcoin as as an asset.
“A surge in risk-on sentiment across equities, coupled with significant institutional inflows into spot Bitcoin and Ethereum ETFs, has fueled this steady ascent, notably absent the sharp volatility of previous bull runs,” he said.
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