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Will Bitcoin continue to rise?
- Bitcoin (BTC/USD) has reached a new all-time high, exceeding $118,000 on Friday, continuing an exceptional week for the cryptocurrency. Bitcoin was trading at $118,111, up 6.3% over the past 24 hours, after peaking at $118,740 earlier in the session.
This bullish rise is supported by expectations of a federal interest rate cut in September, inflows into spot cryptocurrency exchange-traded funds, as well as a more favorable regulatory environment.
According to Dilein Wu, a strategic expert at Pepperstone, it is only a matter of time before Bitcoin surpasses the $120,000 level, especially in the lead-up to Congress's review of several legislative proposals regarding digital assets.
The House is set to consider three key pieces of legislation:
The CLARITY Act, which aims to establish a clear regulatory framework for digital currencies,
The Genius Stablecoin Bill, which regulates fiat-backed tokens like the dollar,
And the Central Bank Digital Currency Anti-Surveillance State Act, designed to prevent the Federal Reserve from issuing a central bank digital currency (CBDC) for retail customers.
