Bitcoin (BTC) crossed the $120,000 mark for the first time on Monday, setting a new all-time high and reinforcing its position as the world’s largest cryptocurrency. The rally reflects growing investor confidence driven by anticipated regulatory changes in the United States and rising institutional adoption.
Bitcoin Hits Record High of $122,571.19
On Monday, Bitcoin surged to a record high of $122,571.19 before easing slightly to trade at $121,952.61, up 2.4% on the day. So far in 2025, Bitcoin has gained 29% year-to-date.
Analysts attribute this sharp increase to a combination of factors:
- Upcoming U.S. cryptocurrency regulatory votes
- Institutional buying pressure
- Supportive comments from President Donald Trump
U.S. Congress to Debate Major Crypto Bills
Later today, the U.S. House of Representatives is set to debate three key bills aimed at providing a clearer regulatory framework for the crypto industry:
- The Genesis Act
- The Clarity Act
- The Anti-CBDC Surveillance State Act
President Trump, self-described as the “crypto president”, has actively supported revamping crypto regulations to favour innovation and investment in digital assets.
Analyst Outlook: Bitcoin Could Hit $125,000
According to Tony Sycamore, market analyst at IG, Bitcoin’s bullish momentum could carry it further:
“It looks like it can easily have a look at the $125,000 level. It’s riding several tailwinds at the moment, including institutional demand, regulatory optimism, and support from Trump.”
Broader Crypto Market Rally
Bitcoin’s surge is igniting gains across the entire cryptocurrency market:
- Ether (ETH): Hit a five-month high of $3,059.60
- XRP and Solana (SOL): Up approximately 3% each
The total market value of cryptocurrencies has now swelled to about $3.81 trillion, according to CoinMarketCap.
Bitcoin as a Reserve Asset
Beyond price action, industry experts note a structural shift in Bitcoin’s role within the global financial system.
“Bitcoin is now being seen as a long-term reserve asset, not just by retail investors and institutions but even some central banks,” said Gracie Lin, CEO of OKX Singapore.
Lin added that there’s increasing participation from Asia-based investors, including family offices and wealth managers—a trend seen as a sign of Bitcoin’s growing legitimacy as a financial asset.
What’s Next for Bitcoin and Crypto Markets?
As the U.S. marks “Crypto Week” starting July 14, investors are closely watching how Congressional votes on the Genesis Act, Clarity Act, and Anti-CBDC Surveillance State Act could shape the future of digital assets in America.
