Bitcoin (BTC) achieved a new all-time high of $111,878, primarily driven by institutional investment. This surge in price follows a notable trend of publicly listed companies treating Bitcoin as a treasury asset, consequently increasing its demand. Significant institutional players influence this market rally, as emphasized by Jeff Mei, COO at BTSE, who noted that large institutions, along with positive ETF inflows, are propelling this upward momentum. Interestingly, JPMorgan Chase's newfound involvement with Bitcoin adds legitimacy to the cryptocurrency in the eyes of traditional finance. Despite challenges like rising bond yields and geopolitical issues, Bitcoin has displayed resilience, prompting observers to anticipate further price increases as retail investors may join the market driven by 'fear of missing out' (FOMO). Market analysts suggest that the presence of high open interest in options contracts signals expectations for continued upward movement in Bitcoin's price before the summer ends.

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