EOG Resources completes $5.6 billion acquisition of Encino Acquisition Partners
Updates price levels, adds context
Investing.com-- Bitcoin hit a record high of over $122,000 in Asian trading on Monday, buoyed by optimism over growing institutional adoption and ahead of a highly anticipated "Crypto Week" in Washington, starting later in the day.
The world’s largest cryptocurrency last traded up 2.6% at $121,560.0 as of 09:26 ET (13:26 GMT). It briefly hit a record high of $122,562.4.
Bitcoin has climbed about 30% year to date, edging past gold’s gain of roughly 27% over the same timeframe.
Bitcoin surges past $121k on institutional boost
Bitcoin’s latest gains came after Japanese hotelier turned Bitcoin treasurer Metaplanet Inc (TYO:3350) said it acquired an additional 797 Bitcoins to bring its total holdings to 16,352 coins. The firm is the fifth-largest corporate holder of Bitcoin.
Bitcoin was on a tear over the past week, fueled by strong ETF inflows and increasing hopes for more crypto-friendly regulation in the United States.
"Following record highs established on 23 May, Bitcoin has maintained a mildly bearish trajectory. However, last week’s price action suggests the correction phase has concluded," IG analysts said in a note.
"Momentum indicators are improving as July trading volume tracks to recover or exceed May’s levels following a subdued June," they added.
Institutional demand remains robust. U.S. spot bitcoin ETFs have enjoyed record-breaking inflows, and prominent asset managers such as BlackRock (NYSE:BLK) and Fidelity continue to expand their crypto holdings.
Crypto-related equities echoed Bitcoin’s ascent, with U.S.-listed miners and ETF-linked stocks like Riot Platforms (NASDAQ:RIOT), Mara Holdings, and Strategy (NASDAQ:MSTR) showing notable gains last week.
’Crypto Week’ begins Monday
Investor sentiment has been propelled by expectations that the U.S. House of Representatives will debate several landmark crypto bills during "Crypto Week," including the Genius Act, Clarity Act, and the Anti‑CBDC Surveillance State Act.
If passed, these measures could establish comprehensive regulatory frameworks governing stablecoins, crypto asset custody, and the broader digital financial ecosystem.
Bitcoin’s surge was also attributed to a major Chinese regulator holding a strategic session last week to brief local officials on stablecoin and digital currency policy.
The Thursday meeting, organized by Shanghai’s state asset regulator, signaled a potential shift in China’s policy, where crypto trading is banned.
Strategy adds 4225 Bitcoin to its stack
Michael Saylor’s Strategy (NASDAQ:MSTR) expanded its Bitcoin holdings last week with the purchase of 4,225 BTC for $472.5 million.
The company now holds a total of 601,550 BTC, acquired at an average cost of $71,268 per coin, amounting to $42.87 billion in total investment. At the current market price of about $121,500, its Bitcoin portfolio is valued near $73 billion.
To fund the latest purchase, MicroStrategy used $330.9 million in net proceeds from its ongoing at-the-market equity program, along with $71.1 million from STRK preferred shares, $55.3 million from STRF preferred shares, and $15 million from STRD preferred shares.
Crypto price today: altcoins jump, Ethereum at 5-month high
Most altcoins also jumped on Wednesday, tracking the biggest cryptocurrency’s record run.
World no.2 crypto Ethereum rose 2.1% to $3,046, its highest level since early Feb.
World no. 3 crypto XRP jumped 5% to $2.95.
Solana rose 2.9%, and Cardano climbed 2.5%, while Polygon added nearly 2%.
Among meme tokens, Dogecoin advanced 2.2%, while $TRUMP slipped 1.2%.
Additional reporting by Ambar Warrick and Vahid Karaahmetovic.