Bitcoin hits new record above $121,000
The reason for the rise in the price of Bitcoin is the large-scale interest of various institutions in crypto, the expectation of further price increases in the future, and the support of President Trump.
The world's largest digital currency, Bitcoin, has set a new record by reaching $121,000 for the first time, which is the highest price in the history of cryptocurrency.
The cryptocurrency set this new record on Monday, which is a major milestone. Investors are hoping that some good decisions may come from the government this week that will benefit the industry, Reuters reported.
Bitcoin reached a record $121,207 in Asian markets on Monday. The price later decreased slightly and rose 1.6 percent to $121,150 in last trading.
Reuters wrote that the lower house of the US Congress will begin discussing multiple bills for the crypto industry from Monday. It will include an initiative to create a specific regulatory framework for the crypto industry, which has long been a demand of investors.
These demands have also gained importance from US President Donald Trump. He has asked lawmakers to change the rules for the industry and called himself the "crypto president."
"Bitcoin iss a currently benefiting from a number of positive effects," said Tony Sycamore, an analyst at "IG."
He also said that the reason for the rise in the price of Bitcoin is the large-scale interest of various institutions in crypto, the expectation of further price increases in the future, and the support of President Trump.
"The price of Bitcoin has gone up very quickly in the last six to seven days." It is difficult to say where its price will stop now. But it seems that the price of Bitcoin can easily reach $125,000.”
Earlier, Bitcoin reached $ 112,000 last week.
The cryptocurrency's value is rising due to investors' risk appetite and continued demand from large financial institutions, with major financial market players now buying up the world's largest cryptocurrency, Bitcoin, Reuters reported.
