- Bitcoin reached a new all-time high of $120,000, driving up related stocks.
- Strategy (MSTR) increased its Bitcoin holdings by over $472 million last week.
- U.S. House of Representatives will review major crypto legislation, including the GENIUS Act and CLARITY Act.
- Shares of crypto-connected companies like Coinbase (COIN) and Robinhood (HOOD) also hit record highs.
- Forecasts indicate continued growth for Bitcoin and other cryptocurrencies like XRP, ADA, and VET.
Strategy (MSTR) shares rose at the start of the week as the company resumed buying Bitcoin. The firm added more Bitcoin to its balance sheet following a surge in BTC’s price to a new all-time high of $120,000. Rising institutional interest and increased discussion of crypto laws in the U.S. government contributed to the asset’s growth.
Strategy purchased approximately $472 million in Bitcoin between July 7 and July 13, according to the company. This acquisition brought in 4,225 BTC at an average cost of $111,827 per coin. The company’s total Bitcoin holdings increased to 601,550 BTC, purchased for a combined $42.87 billion, with an average purchase price of $71,268 per coin.
The strong rally in Bitcoin led to notable gains in other stocks tied to cryptocurrency. Coinbase and Robinhood shares reached record levels, while newly listed Circle (CRCL), a stablecoin issuer, also saw increased investor interest. Strategy’s share price rose by 10% after Bitcoin set a new high last week.
The U.S. House of Representatives announced plans to review several major cryptocurrency bills, including the GENIUS Act, which proposes a federal regulatory framework for stablecoins. Lawmakers will also discuss the CLARITY Act, which would assign oversight of digital assets to either the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC). In addition, the House will consider the Anti-CBDC Surveillance State Act, meant to prevent the Federal Reserve from creating or managing a central bank digital currency.
Forecasts for Bitcoin remain positive, with analysts expecting continued momentum into 2025. According to the source, entering the market at its all-time high of $120,980 may prove beneficial. Other cryptocurrencies such as Ripple’s XRP, Cardano’s ADA, and VeChain’s VET may also advance if Bitcoin’s upward trend continues.
To learn more about Bitcoin’s current ranking among global assets, read: Amazon-to-become-5th-largest-asset”>Bitcoin Tops Amazon to Become 5th Largest Asset.
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