Bitcoin prices surged above $120,000, with a market capitalization reaching $2.4 trillion, driven by three main factors. First, regulatory progress in Washington, including discussions on the GENIUS Act and the CLARITY Act, has reduced uncertainty. Second, institutional demand remains strong, with cash inflows into spot Bitcoin ETFs reaching a record $1.22 billion, and companies like Metaplanet making large purchases. Additionally, macroeconomic concerns and volatility caused by trade wars have led investors to view Bitcoin as a risk hedging tool.

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