Bitcoin hits $122,000, fueling broad crypto rally
Bitcoin (BTC) surged to a record $122,000 on Monday, lifting the entire crypto market amid strong ETF inflows, short squeezes, and optimism around U.S. crypto legislation, reports a Kazinform News Agency correspondent.
Ether (ETH) broke above $3,000 following $383 million in ETF inflows. Other major tokens also rallied: XRP neared $2.95, Solana (SOL) climbed past $167, and Dogecoin (DOGE) jumped over 20% on retail momentum and meme buzz.
“Crypto prices benefited from the major melt-up fervor,” said Augustine Fan, Head of Insights at SignalPlus. “BTC trading up to the high $118K area, liquidating over $1 billion in shorts.”
U.S. lawmakers are launching “Crypto Week” to position the country as the “crypto capital of the world,” adding legislative momentum to market enthusiasm. Traders believe further gains are likely if Bitcoin stays above $120,000.
Strong support at $109,000 and increasing flows from equities into digital assets are boosting confidence. “The trend remains bullish,” said Eugene Cheung, CCO at OSL. “We could see Bitcoin test $130K–$150K by year-end if macro winds cooperate.”
Earlier, it was reported that Bitcoin reached a new all-time high of $112,000, according to data from the Binance platform.
