$BTC
Bitcoin reached a historical record of over €122,000 during Asian trading this Monday, driven by optimism regarding increasing institutional adoption and the approach of the highly anticipated "Crypto Week" in Washington, which begins later today.
The world's largest cryptocurrency was trading up 2.6% at €121,560.0 at 3:26 PM. It briefly reached a historical record of €122,562.4.
Bitcoin has risen about 30% since the beginning of the year, slightly surpassing gold's gain of about 27% over the same period.
Bitcoin surpasses €121,000 thanks to institutional support.
The latest gains in Bitcoin came after the Japanese hotelier turned Bitcoin treasurer, Metaplanet Inc (TYO:3350), announced it had acquired 797 additional Bitcoins, bringing its total holdings to 16,352 coins. The company is the fifth largest institutional holder of Bitcoin.
Bitcoin surged last week, fueled by strong inflows into ETFs and increasing hopes for more favorable crypto regulation in the United States.
"After the records set on May 23, Bitcoin maintained a slightly bearish trajectory. However, last week's price movement suggests that the correction phase is over," analysts at IG stated in a note.
"Momentum indicators are improving as July trading volume is on track to recover or exceed May levels after a moderate June," they added.
Crypto-related stocks echoed Bitcoin's rise, with publicly listed miners in the U.S. and ETF-related stocks like Riot Platforms (NASDAQ:RIOT), Mara Holdings, and Strategy (NASDAQ:MSTR) posting notable gains last week.