Bitcoin price today: gains to $120k, near record high on U.S. regulatory cheer

Investing.com-- Bitcoin climbed on Monday, extending a strong rebound from late last week as cryptocurrency markets cheered an order from U.S. President Donald Trump allowing retirement funds to invest in the sector.

World no.2 Ether also advanced after blowing past the $4,000 level last week, remaining close to record highs hit during the 2021 bull run. 

Broader crypto prices saw mixed performance after initial gains following a strong display since late last week, especially following Trump’s executive order. 

Bitcoin rose 1.2% to $119,910 by 09:56 ET (13:56 GMT). The world’s largest crypto first rose as high as $122,370 -- within spitting distance of a mid-July record high of over $123,000 -- before pulling back below $120,000.

Bitcoin, crypto prices boosted by U.S. regulatory cheer

Bitcoin clocked strong gains in the second half of last week, after Trump signed an order directing regulators to allow savings and retirement plans, such as the 401(k), to access alternative assets and private equity investments, including cryptocurrency. 

The move stands to expose cryptos to a new source of institutional buying, and comes amid increasing institutional interest in crypto. 

Top Bitcoin exchange-traded funds in the U.S. saw three days of strong capital inflows after Trump’s order, which coincided with a strong run-up in Bitcoin prices. But a bulk of the crypto’s recent gains came over the low-liquidity period of the weekend, raising some questions over whether current price levels could be sustained. 

Trump’s order last week also came following a string of crypto-friendly regulatory moves from his administration in recent months, most notably being the passage of a bill to establish a regulatory framework for stablecoins. 

Rumble considers $1.2 bln offer for Tether-backed Northern Data 

U.S.-listed video streaming platform Rumble Inc (NASDAQ:RUM) said on Sunday it is considering an offer of $1.17 billion for German artificial intelligence firm Northern Data AG (F:NB2).

Stablecoin giant Tether is the largest shareholder in Northern Data, and stands to become the biggest shareholder in Rumble if the deal materializes.

Rumble said it was considering offering 2.319 shares for each Northern Data share, representing a value of $18.3 per share and a total deal value of $1.17 billion. 

Tether also stands to become a major customer of Rumble if the deal proceeds, with a multi-year commitment to purchase processors from the firm, Rumble said. Still, Rumble’s offer is largely indicative and not yet final. 

Strategy buys 155 Bitcoin

Strategy, formerly known as MicroStrategy (NASDAQ:MSTR), purchased another 155 Bitcoins between Aug. 4 and Aug. 10 for about $18 million, paying an average of $116,401 per coin, the company disclosed in an SEC filing on Monday.

The Bitcoin treasury firm now owns 628,946 BTC, valued at roughly $76 billion, with an average purchase price of $73,288 per coin, including fees and expenses, according to co-founder and executive chairman Michael Saylor.

That represents close to 3% of bitcoin’s capped 21 million supply and reflects about $30 billion in unrealized gains.

Strategy shares rose nearly 3% following the market open on Monday. 

Crypto price today: altcoins mixed, Ether near record high 

Broader crypto prices advanced in early trading on Monday, but the rally slightly cooled in the following hours. 

World no.2 crypto Ether rose 2.3% to $4,275.83, and was about $500 away from a record high hit in 2021.

XRP added 1.1% to $3.21, after rising sharply on the SEC and XRP issuer Ripple agreeing to end a long-running legal feud. 

Solana and Cardano saw marginal gains and losses, respectively. 

Among meme tokens, Dogecoin slipped 0.7%, while $TRUMP fell 3.2%. 

(Additional reporting by Vahid Karaahmetovic.)