Bitcoin crossed $120,000 for the first time, showing strong investor enthusiasm as key crypto legislation is set to be reviewed by the US House of Representatives. Its price rose up to 3.4% to $123,205, reflecting a broader advance in digital assets including Ether and smaller tokens. A constructive regulatory framework is anticipated to provide support for Bitcoin, which has gained traction among institutional investors as more than $2.7 billion flowed into US Bitcoin ETFs last week. Open interest in Bitcoin futures also hit a record high, reflecting growing confidence in the asset class.
Bitcoin's breach of $120,000 amidst legislative developments demonstrates a growing investor enthusiasm, with expectations for a clearer regulatory framework fueling the cryptocurrency rally.
The momentum in digital assets extends to Ether and smaller tokens, with institutional investors increasingly viewing Bitcoin as a macro hedge and store of value.
With Bitcoin's rising price being supported by positive legislation and market trends, $2.7 billion flowed into US Bitcoin ETFs, showing strong institutional interest.
Bitcoin futures reached unprecedented open interest levels as the market reacts positively to potential regulatory advancements and the overall bullish sentiment in the crypto sector.
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