Bitcoin price hits all-time high as 'crypto week' begins
Bitcoin's (BTC-USD) price headed to fresh heights against the US dollar on Monday as the US looks ahead to a potentially big week of legislative change for the crypto industry with key votes on the agenda.
Bitcoin was changing hands above the $122,000 mark on Monday morning, up 3.3%, having hit all-time highs earlier.
Year-on-year the cryptocurrency's price has more than doubled following the election of US president Donald Trump.
Trump has carved out a reputation as being a digital asset-friendly president, having spoken at a bitcoin conference in the run-up to his election and his family launching their own crypto business and affiliated token — the ethics of which are up for debate.
“Donald Trump has talked about making America the crypto capital of the world, and now the market is hoping those words become reality," said Dan Coatsworth, investment analyst at AJ Bell.
Read more: FTSE 100 LIVE: FTSE up and European markets dip amid fresh Trump tariff threats
“The crypto’s price movement implies that investors and traders are expecting something significant during Crypto Week, as bitcoin has now risen by nearly 10% in just five days. This implies some FOMO (fear of missing out), a trend we’ve seen plenty of times in the past when bitcoin hit the headlines.
“Crypto believers are convinced digital assets are the future of finance. While there is certainly momentum in terms of investor, government and corporate interest, it is not a slam dunk. There are still more questions than answers.”
What is 'crypto week'?
This week, a number of important laws are set to be voted on by lawmakers in the US. Investment platform AJ Bell explains:
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The Clarity Act — aka The Digital Asset Market Clarity Act. This aims to establish a regulatory framework for digital assets including cryptocurrencies.
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The Genius Act — aka The Guiding and Establishing National Innovation for US Stablecoins Act. This aims to create the first federal regulatory framework for payment stablecoins, which are cryptocurrencies whose prices are pegged to another currency. The US Senate last month approved the bill, an event that is already considered to be a major milestone in the evolution of crypto. While the Act is still subject to consideration by the House of Representatives, crypto fans are hopeful it will sail through. The Act is significant as it is designed to enable private companies to issue stablecoins, and Amazon and Walmart have already indicated a desire to be among the first issuers.
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The CBDC Act — aka The Anti-CBDC Surveillance State Act. This aims to stop the Federal Reserve from issuing a central bank digital currency.
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