Bitcoin Breaks $120K as Crypto Gains Momentum
Bitcoin (BTCUSD) has soared past $120,000, nearing recent highs above $122,000, with a year-to-date gain of 30%, outpacing the S&P 500. The rally is being fueled by growing institutional interest, corporate stockpiling of the token, and optimism around potential regulatory clarity. Analysts say the combination of declining interest rates and broader adoption sets the stage for a run towards $200,000 in the coming year.
Keypoints:
- Bitcoin surged above $120,000, nearing its all-time high.
- Congress to debate three major crypto-related bills this week.
- Crypto-related stocks and Ether are also gaining momentum.
- Declining interest rates and higher adoption may push Bitcoin to $200,000.
This surge comes as Washington gears up for what lawmakers are calling "Crypto Week." Congress is preparing to vote on three major bills that could reshape the crypto landscape: the GENIUS Act, which would allow private companies to issue stablecoins; the Digital Asset Market Clarity Act, aimed at establishing clear regulatory guidelines; and the CBDC Anti-Surveillance State Act, which would block the Federal Reserve from launching a central bank digital currency.
Bitcoin’s rally has also lifted other assets in the crypto ecosystem. Ether (ETHUSD), the second-largest cryptocurrency, is trading above $3,000. Meanwhile, crypto-tied stocks are climbing—MARA Holdings rose 4.5%, Riot Platforms gained 4%, and Strategy (MSTR) is up 3%. Coinbase Global (COIN) also saw a 1.5% bump in premarket trading.
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