Bitcoin hits new high above $120,000 as U.S. lawmakers begin ‘Crypto Week’
We believe that Bitcoin’s surge is driven by longer-term institutional buyers and this will propel it to $125k in the next month or two, Jeff Mei, chief operating officer at cryptocurrency exchange BTSE, said in a statement sent to CNBC.
Key Points
1)The price of bitcoin traded above $123,000 at its peak point on Monday.
2)The fresh highs come amid strong bitcoin ETF inflows and moves from U.S. policymakers aimed at clearer regulation for the industry.
“Trump’s trade disputes with the likes of the EU, Mexico, and other trading partners could cause dips in the week ahead, but it’s likely that Bitcoin’s institutional buyers are discounting this risk and maintaining their positions that Bitcoin will still appreciate in the long run,” he added.
