Bitcoin Breaks $123K as Momentum Builds

On Aug. 13, bitcoin’s climb added 2.6% against the U.S. dollar, stacking up a 6.2% gain over the past seven days. The world’s largest crypto by market value now boasts a staggering $2.44 trillion valuation. This climb has been fueled by a potent mix of capital pouring in from spot bitcoin exchange-traded funds (ETFs) and aggressive corporate treasury acquisitions.

Together, these buyers are snapping up coins at a pace far exceeding daily mining output. Adding to the momentum, recent regulatory moves—particularly in the U.S.—have soothed investor nerves, cementing BTC’s status as a legitimate asset for institutional portfolios. On Wednesday alone, bitcoin-based derivatives contracts recorded $88.50 million in liquidations, with $73.55 million of that coming from traders betting short. At 6 p.m. ET, BTC is now trading for $122,606 per coin.