Bitcoin Surges to Record High Above $118,000. Where the Crypto Goes Next. — Barrons.com
By George GloverBitcoin rallied to a record above $118,000 overnight, the latest high in a stellar week for the cryptocurrency.The world's largest token by total market capitalization was trading at $118,111 early Friday, up 6.3% over the past 24 hours, according to data from CoinDesk. It rose as high as $118,740 earlier in the session.Bets on a September Federal Reserve interest-rate cut, inflows into spot crypto exchange-traded funds, and regulatory tailwinds have all helped to spur this week's rally, powering Bitcoin to its first record highs since May.It's only a matter of time before the token tops $120,000, particularly given that U.S. lawmakers are due to consider several digital-asset proposals next week, Pepperstone strategist Dilin Wu said Friday in a research note.The House is set to review three pieces of legislation: The CLARITY Act, which aims to establish a regulatory framework for cryptos; the Genius stablecoin bill, which sets out to regulate tokens that are pegged to the dollar and other fiat currencies; and the Anti-CBDC Surveillance State Act, which bans Federal Reserve banks from issuing central bank digital currencies to individuals."If legislative momentum remains strong, ETF inflows persist, and the Fed signals dovish intent, Bitcoin retesting the $120,000 mark before August would not be far-fetched," Wu wrote.Bitget Research analyst Ryan Lee said in a research note that he believes the crypto can hit $120,000 by the end of July.Other tokens were also racking up gains early Friday. Ethereum jumped 7.4%, Solana rose 4.7%, and XRP gained 10% over the past 24 hours, according to data from the crypto exchange Kraken.Write to George Glover at [email protected] content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.