Bitcoin surpasses $122,000 after retirement plan reform

In Short:
– Bitcoin reached over $122,000 with regulatory support and strong institutional demand.
– President Trump’s executive order allows 401(k) plans to include cryptocurrencies, which the Labour Department is currently reviewing.

Bitcoin surpassed $122,000 nearing its all-time high due to regulatory support and strong institutional demand.

According to The Wall Street Journal, President Trump’s recent executive order permits 401(k) retirement plans to include cryptocurrencies, potentially introducing Bitcoin to millions of American accounts.

The Labour Department is now examining this inclusion.

Institutional investments have been on the rise, with Bitcoin ETFs recording $253 million in net inflows last week, marking 13 consecutive trading days of positive flows.

BlackRock’s iShares Bitcoin Trust led inflows with nearly $189 million.

The Bitcoin market cap for spot ETFs is approaching $150 billion, with ETF purchases dramatically outpacing mined Bitcoin.

Market Dynamics

Currently, Bitcoin’s technical indicators show a 3.6% increase in 24 hours, signalling continued momentum.

Analysts warn that a loss of momentum could see Bitcoin support drop to around $116,000.

The broader cryptocurrency market has also benefitted, with Ethereum exceeding $4,300, contributing to a total market cap of $4.04 trillion.