Bitcoin price today: gains to $120k, near record high on U.S. regulatory cheer
Bitcoin climbed on Monday, extending a strong rebound from late last week as cryptocurrency markets cheered an order from U.S. President Donald Trump allowing retirement funds to invest in the sector.
World no.2 Ether also advanced after blowing past the $4,000 level last week, remaining close to record highs hit during the 2021 bull run.
Broader crypto prices saw mixed performance after initial gains following a strong display since late last week, especially following Trump’s executive order.
Bitcoin rose 1.2% to $119,910 . The world’s largest crypto first rose as high as $122,370 within spitting distance of a mid-July record high of over $123,000 before pulling back below $120,000.
Bitcoin, crypto prices boosted by U.S. regulatory cheer
Bitcoin clocked strong gains in the second half of last week, after Trump signed an order directing regulators to allow savings and retirement plans, such as the 401(k), to access alternative assets and private equity investments, including cryptocurrency.
The move stands to expose cryptos to a new source of institutional buying, and comes amid increasing institutional interest in crypto.
Top Bitcoin exchange-traded funds in the U.S. saw three days of strong capital inflows after Trump’s order, which coincided with a strong run-up in Bitcoin prices. But a bulk of the crypto’s recent gains came over the low-liquidity period of the weekend, raising some questions over whether current price levels could be sustained.
Trump’s order last week also came following a string of crypto-friendly regulatory moves from his administration in recent months, most notably being the passage of a bill to establish a regulatory framework for stablecoins.
Source: Investing.com
