Bitcoin achieves historic $123K milestone as institutional adoption accelerates and regulatory progress looms, cementing its position among the world’s most valuable assets.
Bitcoin surged 5% to a record $123,165, pushing its market capitalization to $2.39 trillion and making it the fifth-largest global asset – surpassing Amazon. The breakthrough comes as US lawmakers prepare for “Crypto Week,” with key votes expected on digital asset legislation that could provide regulatory clarity.
Institutional demand continues driving momentum, with Bitcoin ETFs attracting $2 billion last week and companies like Metaplanet following Strategy’s lead in adding BTC to corporate treasuries. The rally triggered $730 million in liquidations, including a single $211 million short position wiped out within hours of the breakout.
Technical analysts highlight Bitcoin’s breakthrough of a seven-year resistance trendline, signaling strong bullish momentum. Former Binance CEO Changpeng Zhao noted the milestone’s significance, recalling when $1,000 seemed monumental in 2017. However, Bitcoin remains below its January peak when priced in euros.
CryptoFeedHub Note: This article is a rewritten summary based on external reporting. Original source: CryptoSlate.