KEY TAKEAWAYS
- Bitcoin surged past $120,000, continuing its run to new heights.
- Congress is preparing to discuss three crypto-friendly bills this week that could boost digital assets.
- The excitement around Bitcoin is also boosting ether, as well as shares of crypto-tied firms like Strategy, MARA Holdings and Riot Platforms.
Bitcoin (BTCUSD) traded above $120,000, continuing its run to new heights as more companies are building stockpiles of the token and as Congress prepares to discuss three crypto-friendly bills this week that could give digital assets increased legitimacy.
Bitcoin is was recently a bit off recent record highs above $122,000 but still above $121,000. Its gains this year are around 30%, well above the rise of the S&P 500.
Crypto-tied stocks also rose in premarket trading. Shares of software maker Strategy (MSTR), the company that has popularized the bitcoin treasury strategy, are up about 3%. Shares of crypto miners MARA Holdings (MARA) and Riot Platforms (RIOT) are gaining 4.5% and 4%, respectively. Coinbase Global (COIN) was up 1.5%.
Crypto will be a topic to watch in Washington in the coming days, with the House of Representatives dubbing this “Crypto Week.”
A vote on the GENIUS Act, which would enable private companies to issue stablecoins— digital tokens that are backed by state currencies like the dollar—is expected. So are votes on the Digital Asset Market Clarity Act, which would establish a framework for cryptocurrency regulation, and the CBDC Anti-Surveillance State Act. That latter act would prevent the Federal Reserve from issuing a central bank digital currency.
The rise of bitcoin is buoying other cryptocurrencies, with ether (ETHUSD), the second-largest, trading above $3,000.