For the first time ever, the biggest cryptocurrency in the world, Bitcoin, has surpassed the $123,000 mark. On Monday, the cryptocurrency scaled a fresh record with an exchange rate of $123,153. This comes after the US House of Representatives announced the beginning of “Crypto Week” with a debate on key legislation.
According to Reuters, Bitcoin has surged more than 30% this year, which has given rise to a broader optimism for the crypto market over the past few sessions. That being said, the world stocks dipped on Monday as investors remained on edge over the latest tariff threats by the POTUS.
Gracie Lin, CEO of the Singapore-based crypto exchange, OKX, said, “What we find interesting and are watching closely are the signs that bitcoin is now being seen as a long-term reserve asset, not just by retail investors and institutions but even some central banks. We’re also seeing increasing participation from Asia-based investors, including family offices and wealth managers.’’
This week, the Congress will debate various issues relating to the cryptocurrency market in the country and will come up with new regulations and legislation, which can significantly impact the value of the digital asset in the next few days, for better or for worse.
