Bitcoin surged past the $120,000 mark for the first time on Monday, setting a new all-time high and signaling renewed investor confidence amid growing momentum for crypto-friendly regulation in the United States.
The world’s largest cryptocurrency hit a record of $121,207.55 during Asian trading hours before easing slightly to last trade 1.6% higher at $121,015.42. Bitcoin is now up 29% year-to-date, continuing a sharp rally that has reignited bullish sentiment across the digital asset market—even as geopolitical uncertainty, including former President Donald Trump’s renewed tariff threats, looms large.
The rally extended across the broader crypto landscape. Ether, the second-largest token by market capitalization, climbed to a five-month high of $3,050.90, while XRP and Solana posted gains of approximately 3% each.
The latest price surge comes as the U.S. House of Representatives prepares to debate a slate of landmark crypto bills this week, which could finally establish a long-awaited regulatory framework for the industry.
According to Reuters, lawmakers are expected to consider the Genius Act, the Clarity Act, and the Anti-CBDC Surveillance State Act—a trio of proposals aimed at providing clearer federal guidelines for digital assets. The most significant of the three, the Genius Act, would lay out national standards for stablecoins.
Earlier this month, U.S. officials declared the week of July 14 as “Crypto Week”, underscoring the high-level political focus now being placed on digital assets.
Support for the sector has also come from the top. Former President Donald Trump, who is seeking re-election, has described himself as the “crypto president” and has urged lawmakers to adopt a regulatory framework that promotes innovation and growth in the space.
Amid the optimism, the total market capitalization of the cryptocurrency sector has swelled to about $3.78 trillion, according to CoinMarketCap.
Meanwhile, enthusiasm has spilled over into Asia. In Hong Kong, crypto-linked exchange-traded funds (ETFs) posted significant gains. Spot bitcoin ETFs launched by ChinaAMC, Harvest, and Bosera all reached new highs. Similarly, the firms’ ether ETFs rose by approximately 2% each.
The coordinated policy discussions in Washington, paired with surging investor appetite globally, are contributing to what analysts now describe as a “critical moment” for crypto markets.
