Bitcoin hits record $123,000 as US policy hopes boost crypto market
'It's been a very strong move over the past week, and it's hard to see where it stops now. It looks like it could easily test the $125,000 mark,' he added.Bitcoin is up about 30% so far this year and its rise has lifted other coins too. Ether, the second-biggest token, climbed to a five-month high of $3,059. XRP and Solana also rose about 3% each.BITCOIN'S ROLE IS CHANGINGAccording to Gracie Lin, CEO of cryptocurrency OKX in Singapore, Bitcoin is no longer seen as just a risky bet. 'What we find interesting and are watching closely are the signs that Bitcoin is now being seen as a long-term reserve asset, not just by retail investors and institutions, but even some central banks,' Lin said.She added that more Asian investors, family offices and wealth managers are joining in. "These are strong signs that bitcoin's role in the global financial system is changing. This suggests that this isn't just another hype-driven rally," Lin said.'CRYPTO WEEK' IN WASHINGTONThis week is also being called 'crypto week' in Washington. US lawmakers are expected to vote on the Genius Act, the Clarity Act, and the Anti-CBDC Surveillance State Act.The most important of these is the Genius Act, which will bring federal rules for stablecoins.CRYPTO STOCKS RISE TOOThe rally has spread beyond coins. In US premarket trading, Coinbase shares went up 1.7%, bitcoin holder MicroStrategy rose 3.3%, and crypto miner Mara Holdings jumped 4.6%. In Hong Kong, spot bitcoin ETFs by China AMC, Harvest and Bosera all touched record highs.For now, crypto investors are riding high, hoping this week's policy push gives them the clear rules they have long wanted.- EndsMust Watch
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