Bitcoin (BTC-Us) recorded a new level on Friday, exceeding $ 118,000, amid a wave of bullish momentum that swept risk assets, especially with the rise in technology companies.
The rise coincided with the arrival of the company NVIDIA to a market value of 4 trillion dollars, which highlighted the increasing relationship between the digital currency market and the technology sector. The NASDAC vehicle also reached its new climax on Wednesday, and the S& P 500 index was on its way to record a new record on Thursday.
Strong connection between bitcoin and technology
“Bitcoin has always been strongly associated with technology shares, and this interconnection appears to be existing today,” said Nick Bokerin, digital currency analyst and founder of Coin Bureau.
Trump’s policies support digital currencies
Since the beginning of the year, the value of Bitcoin has increased by 21%, partially supported by the Trump administration policies supporting digital currencies, including the creation of a strategic bitcoin reserves and a wider stock of digital assets.
During the past two months, the digital currency has been traded in a narrow range of no more than $ 10,000, a relatively rare stability period under Bitcoin fluctuations.
Institutional flows leading the rise
Delin Woo, a research strategy at Peppperstone: “At the heart of this rise lies continuous structural flows from institutional investors,” noting that major companies such as Strategy (MSTR) and Gamestop (GME added Bitcoin to their budgets.
Trump Media & Technology (DJT) has also announced this week that it has submitted a request to launch an ETF index fund for digital assets, which includes about 70% of its investments in Bitcoin.
“Crapeto Week” in Congress … and decisive legislation
This rise comes before the launch of the “Crapeto Week” in the US Congress, scheduled for July 14, in which a set of draft laws that may form the future organizational framework for industry will be discussed.
“Positive results from Congress may accelerate the flow of institutional investments, strengthening Bitcoin as a major micro asset, and increases investor confidence in the platforms compatible with laws,” said Jesse Jesse Garvis, CEO of Kaiko Ai.
Genus Law and Regulation of Stable Currencies
Among the draft laws offered, the Genus Act is highlighted, which sets a federal framework for the regulation of stable currencies. The law has already passed with the approval of the Senate.
The shares of Circle, exporting the USDC, increased by 2%, achieving an increase of more than 500% since it was included in the stock exchange on June 5. Trading platforms such as Robenhoud and Coin also witnessed a remarkable increase in the same session.
