Bitcoin Surges to $122K Following Pro-Crypto White House Order and ETF Inflows

Bitcoin surged above $122,000, reaching within 1% of its all-time high, fueled by last week’s pro-crypto White House executive order and three consecutive days of Bitcoin ETF inflows. Henrik Andersson, chief investment officer of Apollo Crypto, stated that the price move was overdue after a month of consolidation:

“In our view it was just a matter of time before it would break up. In this time we have seen positive ETF flows, more treasury companies buying Bitcoin and a number of positive developments coming out of the White House.”

Bitcoin soared over 3.3% to $122,150 in early Monday trading, moving close to its $123,000 all-time high, according to TradingView data.

“Bitcoin has been stuck in a low-volatility band between $115,000 and $120,000 despite all the good news,” Andersson told Cointelegraph.

While no single catalyst clearly triggered Bitcoin’s rapid two-hour climb, U.S. President Donald Trump’s executive order allowing cryptocurrency investments in 401(k) retirement plans was seen as a significant boost for the industry. This order could potentially unlock another $9 trillion of funds flowing into Bitcoin and the broader crypto market. There is also anticipation of more Bitcoin buying ahead. Michael Saylor hinted on social media that his firm, Strategy, will add more Bitcoin to its $76.8 billion stash, stating: “If you don’t stop buying Bitcoin, you won’t stop making Money.” Bitcoin ETF issuers collectively purchased $773 million worth of Bitcoin during the last three trading days of the previous week, according to Farside Investors data.

Bitcoin Market Sentiment Remains Healthy

Despite the rally, the Crypto Fear & Greed Index remains in the “Greed” zone at 70 out of 100, indicating that social market sentiment is not excessively overheated yet. The index only increased by one point from Sunday, while Bitcoin was still trading below $120,000 when the score was updated.

Crypto Fear & Greed Index score. Source: Alternative.me Meanwhile, Google search interest for Bitcoin has risen modestly over the past week, scoring 48 out of 100 relative to its highest point in the past 12 months, which occurred during November 10-16, shortly after Trump won the U.S. election.

BTC and ETH Push Crypto Market to New Highs

Bitcoin’s rise above $122,000 has helped it regain ground relative to Ether, which increased 1.8% over the last 24 hours compared to Bitcoin’s 3.3%. Ethereum has nearly tripled from $1,435 on April 9 to $4,315 at the time of writing, according to TradingView data. The price rallies of BTC and ETH have pushed the total cryptocurrency market capitalization to $4.14 trillion on Monday, setting a new all-time high, according to CoinGecko data.

Frequently Asked Questions (FAQ)

Understanding the Bitcoin Surge

Q: What factors are driving Bitcoin's recent price surge? A: The primary drivers behind Bitcoin's surge to $122,000 are the recent pro-crypto executive order from the White House, which could open up new investment avenues, and consistent daily inflows into Bitcoin ETFs. Q: What is the significance of the White House executive order on cryptocurrency? A: The executive order allows for cryptocurrency investments within 401(k) retirement plans. This could potentially unlock a significant amount of capital, estimated at $9 trillion, for the broader crypto market, including Bitcoin. Q: How have Bitcoin ETFs contributed to the price increase? A: Bitcoin ETFs have experienced three consecutive days of inflows, indicating sustained institutional and retail interest. These inflows represent direct buying pressure on Bitcoin, helping to drive its price upwards. Q: What is the current market sentiment for Bitcoin, according to the Fear & Greed Index? A: The Crypto Fear & Greed Index is currently at 70 out of 100, indicating a "Greed" sentiment. This suggests optimism in the market, but the increase has been moderate, implying the market is not yet excessively overheated. Q: What is the outlook for Bitcoin according to Michael Saylor and Strategy? A: Michael Saylor, via his firm Strategy, has indicated a continued commitment to acquiring more Bitcoin, stating that ongoing investment is crucial for financial gain. This sentiment reflects a strong belief in Bitcoin's long-term value proposition.

Market Performance and Trends

Q: How has Ethereum performed in comparison to Bitcoin recently? A: While Bitcoin has seen a significant surge, Ethereum has also performed well, increasing by 1.8% in the last 24 hours. Ethereum's price has seen substantial growth, nearly tripling in a month. Q: What is the total cryptocurrency market capitalization's current status? A: Driven by the rallies in Bitcoin and Ethereum, the total cryptocurrency market capitalization has reached a new all-time high of $4.14 trillion.

Crypto Market AI's Take

The recent surge in Bitcoin's price, driven by a confluence of positive regulatory news and strong ETF inflows, highlights the growing institutional acceptance and mainstream integration of digital assets. This upward momentum is particularly significant as it occurs alongside broader economic shifts, underscoring Bitcoin's potential as a hedge against inflation and a store of value. At AI Crypto Market, we leverage advanced AI algorithms to analyze these market dynamics, providing our users with sophisticated trading strategies and predictive insights. Our AI trading bots, for instance, are designed to capitalize on such trends by identifying optimal entry and exit points, ensuring efficient execution and risk management, even during periods of high volatility.

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