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Photo = Yonhap news |
[Alpha Biz= Paul Lee] Bitcoin surpassed the $120,000 mark for the first time on July 14, fueled by continued institutional investment and growing optimism around favorable U.S. crypto regulation.
The price of Bitcoin soared to $121,000 and continued to hover near $122,000 on Binance, the world’s largest cryptocurrency exchange. This milestone marks an 80% increase in value since Donald Trump, who has dubbed himself the “Bitcoin President,” returned to office eight months ago.
Bitcoin’s market capitalization has now exceeded $2.4 trillion, overtaking Amazon and becoming the fifth largest global asset, following only gold, NVIDIA, Microsoft, and Apple.
Momentum has been driven by massive capital inflows into U.S.-listed spot Bitcoin ETFs and aggressive accumulation by U.S. publicly traded firms such as MicroStrategy (MSTR). Expectations surrounding this week’s “Crypto Week” in the U.S. Congress have further fueled the rally. Lawmakers are set to debate key crypto-related bills, including the GENIUS Act, which aims to establish regulations for stablecoins.
In South Korea, Bitcoin also broke its previous all-time high of KRW 163.32 million recorded in January, setting a new record after 175 days on the country’s largest exchange, Upbit. The local surge came despite delays in price records due to the strengthening Korean won against the U.S. dollar.
AlphaBIZ Paul Lee(hoondork1977@alphabiz.co.kr)
