Bitcoin exceeds $120,000 before House 'Crypto Week'
July 14 (UPI) -- Bitcoin was trading above $120,000 on Monday as U.S. lawmakers were set to consider a series of crypto-related bills.
As of 6:20 a.m. EDT, Bitcoin was trading at $121,921, according to data from Coin Metrics.
"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.
The U.S. The House of Representatives was set to begin looking at a trio potential laws this week, which it dubbed "Crypto Week."
The legislation aims to regulate stablecoins, shifting crypto jurisdiction to the Commodity Futures Trading Commission and outlawing a Fed-issued central bank digital currency.
"The mood in Washington has turned risk-on at least for digital assets as lawmakers load the legislative order book with three pro-crypto bills under the banner of 'Crypto Week,'" said Stephen Innes, of SPI Asset Management. "Like a breakout trade that's waited months for a clean catalyst, the industry is hoping this is the moment crypto sheds its legal ambiguity and steps onto firmer regulatory ground. But even the cleanest chart can turn into a bull trap if momentum stalls."
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On the date of publication, Gavin McMaster did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
