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Bitcoin Blows Past $122,000 in Milestone All-Time High
In a remarkable display of price appreciation, the world’s leading cryptocurrency by market capitalization, Bitcoin (BTC), has shattered yet another record, blowing past the psychological $122,000 mark. As we go to press, the asset has reached an all-time high of $122,500 on Coinbase, according to TradingView.
While this surge may come as a shock to some, many analysts have been warning of this possibility for quite some time. The recent push above $120,000 is not entirely unexpected, given the extraordinary circumstances in the global economy and financial markets. It appears that the market has finally caught up with the notion that Bitcoin’s price appreciation is no longer simply speculation-based, but rather a reflection of the world’s growing reliance on decentralized currencies.
In the wake of this phenomenal growth, the cryptocurrency landscape looks set to undergo yet another transformation. With the United States House having designated July 14 to 18 as “Crypto Week”, a plethora of announcements and regulatory initiatives are anticipated in the coming days. The potential for further growth is undeniable.
Furthermore, we have witnessed an unprecedented level of short-term liquidations, with $1.3 billion in shorts being quickly wiped out in less than 60 seconds. This drastic reduction in bearish sentiment has undoubtedly contributed to the explosive price move observed thus far. As news continues to unfold during this “Crypto Week”, it seems that there is little chance of a reversal anytime soon.
It is indeed an exciting time for the entire cryptocurrency space, and CryptoPotato will be closely monitoring any developments throughout the week.
Source: cryptopotato.com
