Bitcoin Surges Past $122,000 with Bold Moves Shaking the Crypto Market

Key Points

1. Bitcoin broke the $122,000 threshold, while Ethereum surpassed $4,300, with several altcoins seeing gains of 5% or more.

2. Donald Trump's executive order has tasked the Department of Labor with evaluating the inclusion of cryptocurrencies in 401(k) retirement plans.

3. Spot Ethereum ETFs saw a weekly influx of $461 million, surpassing Bitcoin ETFs, according to SoSoValue data.

4. Over $350 million in long and short positions were liquidated in the last 24 hours, with $215 million from short positions supporting the rise.

5. Fed Chair Jerome Powell indicated that September's rate cut decision would depend on upcoming CPI and PPI data, with an 88.4% probability of a 25 basis point cut on September 17.