Shares in Strategy (MSTR) stock are climbing to start the week as the firm is resuming its purchasing of the Bitcoin cryptocurrency. BTC has hit a further ATH of $120,000 as institutional demand rises and the asset gets more attention on the federal stage. The US House of Representatives will review several key pieces of legislation involving crypto this week. This attention to crypto laws has shed a bullish light on Bitcoin, sending its price and BTC-related stocks higher.
The rally in bitcoin has been accompanied by a surge in stocks with crypto ties, notably Coinbase (COIN), Robinhood (HOOD), and newly public stablecoin issuer Circle (CRCL). Coinbase and Robinhood shares are trading at record highs. Strategy, being the largest institutional investor in BTC, is up 10% since BTC breached its ATH last week.
In addition, Strategy has unveiled a new purchase of over $472 million worth of Bitcoin (BTC). The company revealed today that it acquired 4,225 BTC between July 7 and July 13 at an average price of $111,827 per coin. This latest purchase brings Strategy’s total holdings to 601,550 BTC, acquired at a combined purchase price of $42.87 billion and an average cost basis of $71,268 per coin.
Also Read: Bitcoin Tops Amazon to Become 5th Largest Asset
The House of Representatives will look over the GENIUS Act this week, a plan for the nation’s first federal framework for stablecoins. In addition, the House will look over the CLARITY Act, a major legislative package that will assign oversight over all digital assets except stablecoins to either the Securities and Exchange Commission (SEC) or the Commodities Futures Trading Commission (CFTC), depending on the asset. The Clarity Act is expected to be far more divisive than the GENIUS Act. Furthermore, the third bill scheduled for a floor vote this week is the Anti-CBDC Surveillance State Act. This bill would prevent the Federal Reserve from creating a “central bank digital currency” (CBDC) and block the Fed Board of Governors from using a CBDC to enact monetary policy.
Bitcoin is expected to pick up speed in 2025 and remain on the greener side of the spectrum. The Finder’s outlook for BTC is bullish, and taking an entry position at its all-time high of $120,980 is beneficial. The king cryptocurrency could see a few dips along the way, but is on track to head north, according to the forecast. If BTC soars, other leading altcoins like Ripple’s XRP, Cardano’s ADA, and VeChain’s VET could also rally in the charts.
