Bitcoin Sets A New $123K All-Time High As Congress Prepares For ‘Crypto Week’
Bitcoin hit a new record high above $123,000 today as companies keep buying Bitcoin, and Congress gets ready to vote on Bitcoin friendly laws. This is an impactful moment for Bitcoin, which has more than doubled in price over the past year. Bitcoin is now worth $2.3 trillion total, making it the sixth most valuable asset in the world.
“Bitcoin’s price is finally catching up to what’s been building under the surface,” said Adam Back, CEO of Blockstream. “This is institutional demand aligning with Bitcoin’s fundamentals, and a fixed supply doing what it was designed to do.”
The rally comes as Congress prepares to vote on several crypto bills this week. Key laws include one that would create clear rules for digital assets and another that would regulate stablecoins. These bills could significantly impact Bitcoin as it has become a big player in Washington under the Trump administration, as Trump sees Bitcoin and crypto as part of America’s future.
Spot Bitcoin ETFs have been purchasing thousands of BTC daily, while only 450 new Bitcoin are mined each day. On July 10 alone, ETFs acquired 10,000 BTC—more than 20 times the daily mining output. BlackRock’s IBIT leads the charge, now holding over 700,000 Bitcoin and managing more than $84 billion in assets.
Anthony Pompliano, founder and CEO of Professional Capital Management, said in a CNBC interview today, “Everybody wants Bitcoin,” and called it “the greatest show on Wall Street.” He said, “Bitcoin has always been a decentralized asset that never really cared what anyone else did.”
According to Pompliano, three key factors are driving Bitcoin’s surge. First, there have been record inflows into the ETFs, including $2 billion last Thursday alone. Second, options contracts expired at the end of Q2, removing downward pressure on Bitcoin’s price. Third, there were a lot of short sellers betting against Bitcoin who are now being forced to cover their positions.
With only 21 million Bitcoin that will ever exist, the current buying frenzy is testing Bitcoin’s design as “digital gold.” As big companies adopt Bitcoin and regulations become clearer, this historic price milestone could be just the start of even bigger gains.
This post Bitcoin Sets A New $123K All-Time High As Congress Prepares For ‘Crypto Week’ first appeared on Bitcoin Magazine and is written by Jenna Montgomery.
