Bitcoin crossed the $120,000 degree for the first time on Monday, marking a milestone for the world’s largest cryptocurrency as traders guess on long-sought coverage wins for the business this week.
Bitcoin scaled a report excessive of $122,571, earlier than pulling again barely to final commerce 2.4% increased at $121,953.
Later in the day, the US House of Representatives will debate a sequence of payments to offer the digital asset business with the nation’s regulatory framework it has lengthy demanded.
Those calls for have resonated with US President Donald Trump, who has referred to as himself the “crypto president” and urged policymakers to revamp guidelines in favor of the business.
“It’s riding a number of tailwinds at the moment,” mentioned IG market analyst Tony Sycamore, citing robust institutional demand, expectations of additional features and assist from Trump as causes for the bullishness.
“It’s been a very, very, strong move over the past six or seven days and it’s hard to see where it stops now. It looks like it can easily have a look at the $125,000 level,” he mentioned.
The surge in bitcoin, which is up 29% for the 12 months thus far, has sparked a broader rally throughout different cryptocurrencies over the previous few classes even in the face of Trump’s chaotic tariffs.
Ether, the second-largest token, scaled a greater than five-month prime of $3,059.60, whereas XRP and Solana gained about 3% every.
The sector’s whole market worth has swelled to about $3.81 trillion, in keeping with knowledge from CoinMarketCap.
“What we find interesting and are watching closely are the signs that bitcoin is now being seen as a long-term reserve asset, not just by retail investors and institutions but even some central banks,” mentioned Gracie Lin, OKX’s Singapore CEO.
“We’re also seeing increasing participation from Asia-based investors, including family offices and wealth managers. These are strong signs of bitcoin’s role in the global financial system and the structural shift in how it is perceived, suggesting that this isn’t just another hype-driven rally.”
Earlier this month, Washington declared the week of July 14 as “crypto week,” the place members of Congress are set to vote on the Genius Act, the Clarity Act, and the Anti-CBDC Surveillance State Act. The most important invoice is the Genius Act, which might create federal guidelines for stablecoins.