Bitcoin surged past $120,000 on Monday for the first time, reaching a new all-time high and fueling optimism in the cryptocurrency world. Investors have grown increasingly confident this week as U.S. lawmakers prepare to take up key crypto legislation, a development that many in the industry have long anticipated.
Bitcoin touched a peak of $123,153.22 before dipping slightly, later trading around $119,745 with a 0.5% daily gain. The rally has pushed Bitcoin’s gains for the year to 30%.
The renewed momentum in the crypto market comes as the United States House of Representatives prepares to review several bills focused on regulating digital currencies. Lawmakers are set to vote on three major pieces of legislation this week: the Clarity Act, the Anti-CBDC Surveillance State Act, and the Genius Act. The Genius Act, in particular, could lay down federal rules for stablecoins, which may further influence the market’s direction.
President Donald Trump, now a vocal supporter of cryptocurrencies, has urged lawmakers to update existing policies to better accommodate digital assets.
According to analyst Tony Sycamore from IG Markets, several factors are fueling Bitcoin’s recent surge. These include growing interest from institutional investors, confidence in future gains, and political support from Trump. “It’s had a strong run over the past week,” he said, adding that the next major target could be $125,000.
The Trump family has made multiple moves in the crypto world this year, among them World Liberty Financial and the launch of a meme coin bearing Trump’s name. Crypto investor Justin Sun, a major backer of the $TRUMP token, recently announced an additional $100 million investment in it. Despite early excitement that saw the coin reach nearly $75 after its debut, it fell to $9.45 on Monday.
Bitcoin’s rally has sparked a surge across the crypto industry, with Ether scaling above $3,080, its highest level in over five months. XRP also surged by 5%. Altogether, the total crypto market is now valued at around $3.8 trillion.
eToro’s analyst Simon Peters noted that Bitcoin hasn’t hit record highs in other currencies. He pointed out that the weaker USD may have helped push Bitcoin to its current level in dollar terms.
Crypto-related stocks and ETFs also saw gains. Shares of Coinbase rose 1%, Strategy Inc. (NASDAQ: MSTR) gained 2.6%, and crypto mining firm Mara Holdings jumped 6.3%. Meanwhile, Bitcoin spot ETFs listed in Hong Kong reached new record highs, including those from China AMC, Bosera, and Harvest.
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