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Bitcoin remained largely stable on Saturday after breaking the $80,000 threshold in the previous session amid a wave of institutional adoption.
According to real-time market data, the flagship cryptocurrency traded at $80,380, up 0.3% as of 6:22 PM, driven by what market participants believe is a fundamental shift in how traditional financial institutions value digital scarcity.
Bitcoin's rise is driven by demand for ETFs and clear regulation.
The current momentum is largely supported by significant capital inflows from global financial giants. BNY Mellon, the world's largest custodian, announced on May 7, 2024, that it will launch regulated Bitcoin and Ethereum custody services in Abu Dhabi. The latest institutional inflows reflect robust demand for Bitcoin spot ETFs, which remain a central pillar of the current market narrative.
BlackRock's iShares Bitcoin Trust (IBIT) recently saw record inflows, suggesting that institutional buy-and-hold strategies are absorbing a significant portion of the available liquidity.
Fundstrat's Tom Lee recently noted that the combination of ETF inflows and supportive regulation could push Bitcoin toward a $250,000 bullish scenario, as the asset increasingly functions as a "scarce digital commodity" amid growing fiat currency risks.
Furthermore, the CLARITY Act will be brought to a key executive session of the US Senate Banking Committee on May 14, 2024. The legislation aims to establish a definitive regulatory framework clarifying whether digital tokens are classified as securities or commodities. Grayscale Research predicts that bipartisan market structure legislation will fully integrate public blockchains into the mainstream financial infrastructure by the end of 2026.
Furthermore, recent reports from CoinDesk highlight that Bitcoin's network hashrate has reached new highs, indicating that despite increased energy costs, miners continue to secure the network at record levels.
Computational security, combined with Bitcoin's integration into the core balance sheets of major asset managers, is transforming the asset from a fringe trading instrument into a fundamental element of the global monetary system.
Traders Await Iran's Response to US Proposal
Investors have also been closely monitoring developments between the US and Iran after clashes near the Strait of Hormuz on Friday threatened the fragile ceasefire.
Markets are now awaiting Iran's response to a new US ceasefire proposal aimed at preventing further escalation in the Gulf. Washington said it expects Tehran to respond "immediately" to the proposal.
Cryptocurrency Prices Today: Altcoins Rise
Overall cryptocurrency prices rose slightly, following Bitcoin. Most altcoins were also poised for a quiet week.
The world's second-largest cryptocurrency, Ether, rose 1.40% to $2,311.87, while XRP gained 1.8% to $1.42.
Solana and Cardano rose 3.7% and 0.4%, respectively.
Among memecoins, Dogecoin rose 0.6%, while $TRUMP climbed 1.55%.