Bitcoin just smashed through the $120,000 mark for the first time ever. On Monday, it touched a record high of $123,153, before slightly dipping to trade around $122,000 — still up over 2% for the day.
This massive surge isn’t random. It comes as the US government is set to debate crypto regulations — something the industry has waited years for. Investors are betting big that this could finally bring clarity to the space.
The House of Representatives will vote on three major bills this week, during what’s been officially dubbed “Crypto Week” in Washington. The most important one? The Genius Act — a bill that could set federal rules for stablecoins and give the market a proper framework.
What’s also fueling this rally is support from none other than Donald Trump, who has now started calling himself the “crypto president.” Trump has publicly urged lawmakers to support the industry and reduce regulatory hurdles.
“It’s riding a number of tailwinds,” said market analyst Tony Sycamore. “Institutional demand, Trump’s backing, and strong momentum — Bitcoin could easily test $125,000 soon.”
This isn’t just a one-coin story. The rally has lifted the entire crypto market.
- Ethereum (ETH) crossed $3,000, its highest in five months
- XRP and Solana rose around 3%
- The total crypto market value is now at $3.81 trillion
According to Gracie Lin, CEO of OKX Singapore, even central banks are starting to see Bitcoin as a long-term reserve asset. She says more investors from Asia, including family offices and wealth funds, are jumping in.
“This doesn’t feel like a short-term hype. We’re watching a structural shift,” Lin said.
On Wall Street, crypto stocks are also flying.
- Coinbase rose 1.7%
- MicroStrategy, which holds a ton of Bitcoin, climbed 3.3%
- Crypto miner MARA jumped 4.6%
And it’s not just in the US. In Hong Kong, spot Bitcoin ETFs by China AMC, Harvest, and Bosera all hit record highs.
This moment feels big. With real bills on the table, a former US president backing the cause, and the market showing strength, Bitcoin is no longer just digital gold. It’s fast becoming a key part of the global financial future.
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