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Bitcoin and crypto tokens like Jasmy Coin, Sui, and Algorand are going up on Monday, with the former hitting its all-time high.
Bitcoin (BTC) price surged to over $122,000 for the first time ever, while Jasmy (JASMY), Sui (SUI), and Algorand (ALGO) soared by over 16% on Monday. The total market capitalization of all coins jumped by 3.6% to $3.8 trillion.
Bitcoin and other cryptocurrencies are going up because of four key reasons, including increased ETF inflows, the upcoming Crypto Week, potential Federal Reserve cuts, and BTC’s strong breakout.
Crypto ETFs inflows are soaring
There are signs that crypto ETFs are seeing strong traction among American ETFs. Data shows that spot Bitcoin ETFs added over $2.72 billion in inflows last week, much higher than the $769 million it added a week earlier. This increase brought the total inflows to over $52 billion.
Ethereum ETF inflows jumped by over $907 million last week, bringing the total inflows to over $5.3 billion. Other crypto ETFs like the Staking Solana fund and Teucrium’s XXRP funds have also had strong inflows.
These numbers indicate that American investors have strong demand, which is bullish for the coin.
Crypto Week hopes
Bitcoin and altcoins like Jasmy, Algorand, and Sui are also jumping as investors wait for the upcoming Crypto Week. This week will see Republicans in Congress consider three bills.
The GENIUS Act aims to regulate stablecoins, and it has already passed in the Senate. As a bipartisan bill, it is likely to pass in the House and be signed into law.
Politicians will also consider the CLARITY bill and an anti-CBDC one. CLARITY aims to create a good regulatory framework by separating the roles of the SEC and the CFC. The anti-CBDC bill will block the Fed from creating a central bank digital currency.
Potential Federal Reserve interest rate cuts
The crypto market rally is happening as investors anticipate interest rate cuts later this year. The initial cut could depend on this week’s inflation report. A lower-than-expected figure will raise the odds of the Fed cutting rates in July.
Goldman Sachs and Morgan Stanley analysts anticipate two cuts this year and several more in 2026. Cryptocurrencies do well when the Fed is easing monetary policy. This also explains why the stock market is rising and bond yields are falling.
Bitcoin price bullish patterns
Bitcoin price chart | Source: crypto.newsBTC and other cryptocurrencies are also surging because of its strong bullish patterns, which we covered here and here. It formed a bullish flag, a golden cross, and a cup-and-handle with a depth of about 32%.
The cup-and-handle points to more gains in the coming months, with the potential target of nearly $150,000. Such a move will lead to more gains among altcoins because of the close correlation.
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