Bitcoin Surges Past $122K Amid Institutional Optimism and ‘Crypto Week’ Buzz
Bitcoin soared to a new all-time high of over $122,000 during Monday’s Asian trading session, driven by renewed enthusiasm for institutional adoption and anticipation surrounding the kickoff of “Crypto Week” in Washington.
As of 01:48 ET (05:48 GMT), Bitcoin was trading 3.9% higher at $122,467.8, having briefly touched a record peak of $122,562.4.
Institutional Support Fuels Momentum
The rally gained momentum after Japanese hotel operator-turned-Bitcoin accumulator Metaplanet Inc (TYO:3350) announced the purchase of 797 more Bitcoins, bringing its total holdings to 16,352 — making it the fifth-largest corporate Bitcoin holder globally.
Bitcoin has seen a strong upward trend over the past week, boosted by significant inflows into exchange-traded funds (ETFs) and optimism about more favorable regulatory developments in the U.S.
Analysts at IG noted that while Bitcoin had entered a slight downward phase following its May 23 highs, last week’s performance suggests that this correction may have ended. They also pointed to improving momentum indicators and a rebound in July trading volumes, which may soon match or exceed May’s levels after a slower June.
Demand from institutional investors remains strong. U.S. spot Bitcoin ETFs have continued to post record inflows, with major players like BlackRock (NYSE:BLK) and Fidelity increasing their exposure to digital assets.
Crypto-related stocks have mirrored Bitcoin’s rally, with U.S.-listed companies such as Riot Platforms (NASDAQ:RIOT), Mara Holdings, and MicroStrategy (NASDAQ:MSTR) posting substantial gains last week.
’Crypto Week’ Brings Regulatory Spotlight
Investor sentiment is also being lifted by the start of “Crypto Week,” during which the U.S. House of Representatives is expected to discuss several key pieces of legislation. These include the Genius Act, the Clarity Act, and the Anti-CBDC Surveillance State Act — bills that could significantly shape regulation around stablecoins, custody services, and the broader digital finance space.
Adding to the regulatory momentum, a recent closed-door meeting held by Shanghai’s state asset regulator to review digital currency and stablecoin policy hinted at a potential shift in China’s stance on crypto. This is notable given the country’s existing ban on crypto trading.
Altcoins Follow Bitcoin’s Lead
Altcoins saw broad gains in the wake of Bitcoin’s surge. Ethereum, the second-largest cryptocurrency, climbed 2.6% to $3,027.80 — its highest since early February. XRP jumped 5.8% to $2.93, while Solana gained 3.1%, Cardano rose 4.5%, and Polygon surged 5%.
Among meme coins, Dogecoin was up 3.4%, and the $TRUMP token added 1.6%.
