Bitcoin soared above $121,000 on Monday during Asian trading, hitting a new all-time high as institutional momentum builds ahead of the U.S. Congress’s highly anticipated “Crypto Week.” The world’s leading cryptocurrency last traded at $120,778.8, after briefly peaking at $121,156.4.
Several key factors fueled this breakout:
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Japan’s Metaplanet added 797 BTC to its holdings, bringing its total reserves to 16,352 bitcoins, reinforcing corporate interest in crypto accumulation.
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Strong inflows into U.S. spot Bitcoin ETFs, backed by major asset managers like BlackRock and Fidelity, continue to provide significant support.
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Anticipation is building around Congressional debates on key crypto bills, including the Genius Act and Clarity Act, which could offer long-awaited regulatory clarity to the industry.
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Shares of crypto-related firms such as Riot Platforms and Marathon Digital rallied, reflecting broader bullish sentiment in the sector.
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Additionally, reports of policy discussions on stablecoins and digital assets by Chinese authorities have sparked speculation about a potential policy shift, further improving investor outlook in Asia.
With momentum rising, analysts suggest that clear and constructive outcomes from the U.S. “Crypto Week” could fuel further upside for Bitcoin in the near term.