Analysis: Market focuses on US Crypto Week Legislation drives Bitcoin price up

CoinRank News: Data from the London Stock Exchange Group showed that the price of Bitcoin turned positive. The cryptocurrency soared to an all-time high of $123,153 on Monday before falling back due to profit-taking. However, cryptocurrency investors are paying attention to possible legislation related to the regulation of crypto assets in the United States. In this week known as Crypto Week, the U.S. House of Representatives will consider three bills aimed at comprehensively reforming U.S. cryptocurrency policies. Josh, an analyst at TPICAPs digital assets department, said in a report that this could pave the way for more institutional adoption of cryptocurrencies and drive Bitcoin further up. She said: Bitcoins role as digital gold in investment portfolios is becoming increasingly important. (Jin Shi P)