Bitcoin surged past the $120,000 mark for the first time on Monday, marking a historic milestone as investor optimism spiked ahead of expected regulatory wins for the crypto industry during what Republicans have dubbed “Crypto Week.”
The world’s largest cryptocurrency hit a record high of $123,153.22 before easing slightly to $119,750.86, still up more than 27% this year. Analysts say the rise is being fueled by institutional interest, weak dollar conditions, and direct support from U.S. President Donald Trump, who has declared himself the “crypto president.”
“It’s riding a number of tailwinds at the moment,” said IG market analyst Tony Sycamore, pointing to institutional demand and Trump’s backing.
“It looks like it can easily have a look at the $125,000 level.”
🏛️ Crypto Week in Washington
The U.S. House of Representatives is set to debate and likely pass several crypto-related bills this week, including the Genius Act, Clarity Act, and the Anti-CBDC Surveillance State Act.
The Genius Act, which could establish a federal framework for stablecoins, is seen as the most significant and may provide a legislative tailwind for digital assets.
“Developments around these pieces of crypto legislation could provide a further tailwind to the current rally. We wait to see,” said Simon Peters, analyst at eToro.
🏦 Trump’s Crypto Push
Trump and his family have increasingly ventured into the crypto space over the past year. Most notably, Trump launched his own meme coin in January. That coin, which once traded near $75, has now plummeted to $9.45, according to CoinMarketCap.
Last week, crypto entrepreneur Justin Sun, a major investor in the $TRUMP coin, announced a fresh $100 million investment in the project. The White House has not commented on Sun’s involvement.
📉 Meme Coin Volatility
While Bitcoin enjoyed a bullish wave, the Trump meme coin suffered a 3.4% drop, highlighting its high volatility despite its connection to the president.
💹 Wider Crypto Market Rally
Bitcoin’s gains sparked a rally across the broader market:
- Ether (ETH) rose to $3,081.94, its highest since February 2, though still down 10% YTD.
- XRP climbed 2.7%, after earlier gains of up to 6.4%.
- The total crypto market cap reached $3.8 trillion, per CoinMarketCap.
Peters noted that while Bitcoin hit new highs in USD, it hasn’t done so in other currencies like the euro, indicating that dollar weakness may be playing a role.
📈 Crypto Stocks & ETFs Climb
- Coinbase shares rose 1.8% as traders anticipate strong results ahead of July 31 earnings.
- Strategy, a major Bitcoin holder, gained 3.5%.
- Mara Holdings, a crypto mining firm, edged up 0.1%.
- Analysts at Oppenheimer raised Coinbase’s price target to $417 from $395, expecting a better entry point post-earnings.
🧧 Global Interest Spreads
In Asia, Hong Kong-listed spot Bitcoin ETFs by China AMC, Harvest, and Bosera all hit record highs, signaling expanding institutional appetite for crypto assets worldwide.
With major legislation on the table and Trump’s full-throated support, the crypto industry is entering a pivotal moment. Whether Bitcoin can sustain its rally beyond $125,000 may hinge on what happens next in Washington.