Bitcoin exceeds $120,000 before House 'Crypto Week'
July 14 (UPI) -- Bitcoin was trading above $120,000 on Monday as U.S. lawmakers were set to consider a series of crypto-related bills.
As of 6:20 a.m. EDT, Bitcoin was trading at $121,921, according to data from Coin Metrics.
"We believe that Bitcoin's surge is driven by longer-term institutional buyers and this will propel it to $125k in the next month or two," Jeff Mei, chief operating officer at cryptocurrency exchange BTSE, said in a statement.
The U.S. The House of Representatives was set to begin looking at a trio potential laws this week, which it dubbed "Crypto Week."
The legislation aims to regulate stablecoins, shifting crypto jurisdiction to the Commodity Futures Trading Commission and outlawing a Fed-issued central bank digital currency.
"The mood in Washington has turned risk-on at least for digital assets as lawmakers load the legislative order book with three pro-crypto bills under the banner of 'Crypto Week,'" said Stephen Innes, of SPI Asset Management. "Like a breakout trade that's waited months for a clean catalyst, the industry is hoping this is the moment crypto sheds its legal ambiguity and steps onto firmer regulatory ground. But even the cleanest chart can turn into a bull trap if momentum stalls."
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