The price of Bitcoin has recovered to the $120,000 range.
According to CoinMarketCap, a global cryptocurrency market tracking site, as of 7:45 a.m. on the 23rd, the price of Bitcoin has recorded $120,021, an increase of 2.01% compared to the previous day. At the same time, Ethereum is trading at $3,725, down 1.46% from the previous day, while XRP (Ripple) is down 0.66% at $3.54. Solana is trading up 2.72% at $202.
Bitcoin rose to the $123,200 range just before 'Crypto Week,' when the U.S. House of Representatives passed three cryptocurrency bills last week. However, it then fell below $120,000 due to a surge in profit-taking transactions, dropping sharply to $116,100 on the 21st.
The continuous inflow of institutional funds through exchange-traded funds (ETFs) appears to have influenced the rise in Bitcoin prices. Additionally, corporations are reportedly increasing their Bitcoin acquisitions. The corporation with the largest Bitcoin holdings, MicroStrategy, has purchased an additional 6,220 Bitcoins, bringing its total holdings to 607,770. This accounts for approximately 3% of all Bitcoins in circulation.