Forbes: "Bitcoin Hits All-Time High Amid Anticipation for US 'Crypto Week'"

Doohyun Hwang

Summary

Bitcoin (BTC) has reportedly reached a new all-time high.
Expectations for pro-crypto policy legislation in US politics have been cited as a key reason for Bitcoin’s strong performance.
The buying spree by major institutions such as GameStop and Trump Media has also contributed to the upward trend.

Bitcoin (BTC) has once again reached an all-time high. Analysts attribute the rally to growing anticipation for 'Crypto Week,' which will focus on cryptocurrency-friendly legislation, as well as increased Bitcoin purchases by major institutions such as GameStop and Trump Media.

On the 10th (local time), Forbes reported, "Bitcoin surged to an intraday record of $116,868, hitting an all-time high. Currently, it is trading at around $115,900, up 4.2% from the previous day."

One of the main drivers behind Bitcoin's strength is the expectation for pro-crypto policy legislation within US politics. The House Financial Services Committee has designated the week starting the 14th as 'Crypto Week' and plans to discuss bills such as the Genius Act, which aim to integrate the cryptocurrency industry into the formal regulatory framework.

Institutional Bitcoin buying has also been a factor. Forbes noted, "GameStop purchased about $513 million worth of Bitcoin in May," and "Trump Media & Technology Group is planning to set up a $2.5 billion Bitcoin reserve."

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