The cryptocurrency leader, Bitcoin, has surpassed $120,000 and is on an upward trend.
According to global cryptocurrency market tracking site CoinMarketCap on the 15th, as of 8 a.m. that day, the price of Bitcoin was trading at $120,071, up 1.22% compared to 24 hours earlier.
Bitcoin first broke $120,000 around 1 p.m. the previous day. It later rose to around $123,000 and has experienced fluctuations.
Bitcoin's ongoing rally is due to the Trump administration in the U.S. accelerating the institutionalization of stablecoins. The House of Representatives has designated this week (14th-18th) as "Crypto Week," focusing on discussions of laws related to virtual assets and will review "three major virtual asset bills" primarily concerning stablecoins, led by the Republican Party. If these bills pass, the market expects the pro-cryptocurrency policies of the Trump administration to gain momentum.
Tony Sycamore, an analyst at the cryptocurrency derivatives trading platform IG Markets, noted, "This is a time where multiple favorable factors are overlapping," adding, "Institutional demand, expectations for further increases, and support from Trump are driving market strength," and stated, "It seems likely that we could also surpass the $125,000 mark without much difficulty."