Bitcoin Blasts Past $118K as Wall Street and Washington Fuel the Fire
Institutional appetite appears to be doing some heavy lifting. According to Dilin Wu, strategist at Pepperstone, sustained inflows from institutions have underpinned this latest breakout. Meanwhile, corporates aren't sitting still. Strategy (NASDAQ:MSTR) and GameStop (NYSE:GME) continue to add bitcoin to their balance sheets, and this week Trump Media & Technology Group (NASDAQ:DJT) filed to launch a Crypto Blue Chip ETF that could allocate as much as 70% to bitcoin. Bitcoin has also been unusually stable over the past two monthstrading within a narrow $10,000 rangesuggesting that the market may be maturing or at least attracting more disciplined capital.
The next major catalyst may come from Washington. Congress kicks off its long-anticipated Crypto Week on July 14, where lawmakers will debate a stack of bills that could reshape the industry's regulatory environment. One of them, the GENIUS Act, would establish a federal framework for stablecoins. A more defined rulebook could be just what large institutions need to scale their exposure. Circle (NYSE:CRCL), issuer of the USDC stablecoin, is already seeing a bumpits shares are up 500% since debuting on June 5, with another 2% gain Thursday. Meanwhile, trading platforms like Robinhood (NASDAQ:HOOD) and Coinbase (NASDAQ:COIN) also moved higher, riding the wave of optimism that regulation could finally bring the kind of clarityand capitalthe crypto space has long been waiting for.
This article first appeared on GuruFocus.
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