Bitcoin (COIN:BTCUSD) surged to a record-breaking price above $122,000 during early trading in Asia on Monday, fueled by growing institutional demand and ahead of a crucial week for cryptocurrency legislation in the United States.
By 01:48 ET, Bitcoin had climbed 3.9% to $122,467.8, briefly touching a high of $122,562.4 earlier in the session.
Institutional Demand Pushes Bitcoin Past $121K
The latest boost came after Metaplanet Inc. (USOTC:MTPLF), a Japanese company initially focused on hotels but now a Bitcoin supporter, acquired an additional 797 bitcoins, increasing its holdings to 16,352 BTC — making it the fifth-largest corporate Bitcoin owner worldwide.
Bitcoin’s upward momentum has been steadily growing, supported by strong inflows into U.S.-based spot Bitcoin ETFs and growing optimism around crypto-friendly regulatory prospects in Washington.
IG analysts noted, “While Bitcoin showed slight weakness after peaking in late May, recent price movements indicate that the correction may be over. Technical signals are shifting bullish, and July’s trading volume is on track to meet or exceed May’s levels following a quieter June.”
The positive trend is not limited to Bitcoin alone; shares of crypto-centric companies such as Riot Platforms (NASDAQ:RIOT), Marathon Digital Holdings (NASDAQ:MARA), and MicroStrategy (NASDAQ:MSTR) have also recorded notable gains recently.
Focus Shifts to Washington as ‘Crypto Week’ Begins
Investor attention is now on a series of important legislative discussions set for this week in the U.S. House of Representatives, collectively known as “Crypto Week.” Lawmakers plan to debate several key bills, including the Clarity for Digital Tokens Act, the Genius Act, and the Anti-CBDC Surveillance State Act.
If enacted, these laws could establish much-needed regulatory clarity for stablecoins, crypto custody, and the broader digital asset ecosystem.
Adding to the optimistic atmosphere, a high-level meeting took place last Thursday in Shanghai between China’s state asset regulator and local officials to discuss strategies around digital currencies and stablecoins. While crypto trading remains prohibited in China, some interpret this gathering as a possible softening of the country’s stance on digital assets.
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