Bitcoin surged to a new all-time high above $122,000 during Asian trading hours on Monday, fueled by robust institutional interest and growing anticipation surrounding “Crypto Week” in Washington.
At 01:48 ET (05:48 GMT), Bitcoin traded up 3.9% at $122,467.8, after momentarily peaking at $122,562.4. The latest rally follows news that Metaplanet Inc., a Japanese hospitality firm turned Bitcoin investor, acquired 797 more Bitcoins—raising its total holdings to 16,352 BTC. This move solidifies its position as the fifth-largest corporate Bitcoin holder.
Last week's momentum was largely driven by increasing ETF inflows and optimism about crypto regulatory clarity in the U.S. Analysts at IG suggested that the recent correction phase has ended and noted that trading volumes in July are rebounding, with momentum indicators improving.
Institutional appetite continues to grow, with spot Bitcoin ETFs in the U.S. posting record inflows. Major asset managers like BlackRock and Fidelity are deepening their exposure to digital assets. Shares of crypto-related companies such as Riot Platforms, Mara Holdings, and MicroStrategy also saw significant gains last week.
Investor optimism is further lifted by the start of “Crypto Week,” during which the U.S. House of Representatives will consider pivotal crypto legislation—including the Genius Act, Clarity Act, and the Anti-CBDC Surveillance State Act. These bills aim to provide a regulatory framework for stablecoins, asset custody, and broader crypto market infrastructure.
A separate boost came from China, where Shanghai’s state asset regulator held a closed-door policy session on stablecoins and digital currency regulation. This development hints at a potential softening of China’s strict stance on crypto trading.
Altcoins followed Bitcoin's rally. Ethereum climbed 2.6% to $3,027.80, its highest level since February. XRP soared 5.8% to $2.93, while Solana and Cardano posted gains of 3.1% and 4.5%, respectively. Polygon jumped 5%, Dogecoin gained 3.4%, and $TRUMP token edged up 1.6%.
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