Written by The Banking Post
Bitcoin soared past the $120,000 mark for the first time on Monday, hitting a new all-time high of $121,207.55 during the Asian trading session, before slightly retreating to $121,015.42 — still 1.6% higher on the day, according to Reuters.
The historic rally comes as investors anticipate a series of regulatory wins in the United States, where the House of Representatives is set to debate a suite of bills aimed at establishing a comprehensive framework for the digital asset industry.
The proposed legislation, including the Genius Act, Clarity Act, and Anti-CBDC Surveillance State Act, has galvanized investor confidence. The Genius Act, in particular, is seen as a pivotal measure to regulate stablecoins at the federal level.
Investor sentiment has also been buoyed by former President Donald Trump’s vocal support for the crypto sector. Branding himself as the “crypto president,” Trump has urged policymakers to overhaul existing regulations in favor of the digital asset space.
“Bitcoin is riding a number of tailwinds at the moment,” said Tony Sycamore, market analyst at IG. “Strong institutional demand, bullish momentum, and Trump’s backing have created a perfect storm. It’s hard to see where it stops now — $125,000 could be the next target.”
So far this year, Bitcoin has climbed 29%, driving a broader rally across the crypto market. Ethereum (ETH), the second-largest cryptocurrency, rose to a five-month high of $3,050.90, while XRP and Solana (SOL) each gained around 3%.
The total cryptocurrency market capitalization has ballooned to approximately $3.78 trillion, according to CoinMarketCap data.
Globally, the rally also lifted crypto-related exchange-traded funds (ETFs). In Hong Kong, spot bitcoin ETFs launched by China AMC, Harvest, and Bosera hit record highs, while ether-based ETFs from the same firms gained around 2%.
The U.S. has declared the week of July 14 as “Crypto Week,” highlighting the increasing political and economic attention on the industry as it inches closer to mainstream financial integration.
