Bitcoin surged to a record high above $123,000, fueled by strong institutional demand and anticipated favorable legislation from Congress regarding digital assets. The total market value of Bitcoin has exceeded $2.3 trillion, ranking it as the sixth most valuable asset worldwide. Spot Bitcoin ETFs have been aggressively acquiring Bitcoin, with significant daily purchases outpacing mining output. The increase in price is driven by record ETF inflows, the expiration of options contracts, and short sellers being forced to cover their positions. Institutional interest continues to grow, indicating a bullish trend for Bitcoin's future prospects.
"Bitcoin's price is finally catching up to what's been building under the surface. This is institutional demand aligning with Bitcoin's fundamentals, and a fixed supply doing what it was designed to do."
"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."
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