Bitcoin skyrockets hitting new record
(MENAFN) Bitcoin has surged to a new all-time high, breaking the $120,000 mark and reaching approximately $122,700 as of 08:00 GMT on Monday, according to data cited by reports. The latest rally pushes the cryptocurrency’s gains this year to nearly 30%.
Analysts attribute the jump to increasing institutional interest and significant changes in US policy under President Donald Trump, who has branded himself the “crypto president” and vowed to turn the US into the “crypto capital of the world.”
Since appointing Paul Atkins to lead the Securities and Exchange Commission (SEC), the agency has approved multiple Bitcoin exchange-traded funds (ETFs) and dropped various lawsuits against crypto firms. This shift has encouraged large-scale investment in Bitcoin ETFs, which recently surpassed $50 billion in net inflows.
In March, Trump also signed an executive order to create a US Strategic Bitcoin Reserve, aligning with his broader goal of elevating America's role in global crypto markets. Following the move, individual states like Arizona and New Hampshire passed laws establishing their own Bitcoin reserves.
Market experts also note that Bitcoin has benefited from a weakening US dollar. The US Dollar Index (DXY) has dropped nearly 10% this year, leading some investors to view Bitcoin as a more attractive store of value. The dollar’s decline has been partially linked to economic uncertainty stemming from new import tariffs introduced by Trump.
The crypto market’s momentum may continue to grow this week as the US House of Representatives prepares to debate a series of bills aimed at clarifying cryptocurrency regulation during what has been dubbed “Crypto Week.”
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