The crypto giant managed to conquer the $120,000 level for the first time at the beginning of the week, a significant milestone for the world’s largest cryptocurrency market as investors are now betting on a long-awaited large-scale policy.
In Monday trading, Bitcoin price recorded a level of $123,244, a jump of more than 3%. The latest price record supports a significant upward trend since last week.
Recently, the US House of Representatives will debate a series of bills to provide the digital asset industry with a long-awaited national regulatory framework.
The demand was revived by Donald Trump ‘President Crypto’ and urged policymakers to overhaul the law to be more favorable to the digital asset industry.
Market analyst, Tony Sycamore sees strong institutional demand, expectations of further profits and support from Trump as the reasons for the price increase.
He added that it was a very strong move compared to previous weeks and it is difficult to predict where it will stop. It seems that it could easily see the $125,000 level.
Bitcoin’s surge, which has risen by 29% this year, has sparked a broader rally across other crypto groups over the past few sessions despite the chaotic Trump tariffs.
Ethereum, the second-largest token, has held above $3,000 for five months, while XRP and Solana have gained about 3% each.
According to data from CoinMarketCap, the sector’s total market capitalization has risen to about $3.81 trillion.
For now, Washington has declared the week of July 14 as ‘crypto week’, with members of Congress set to vote on the Genius Act, the Clarity Act and the Anti-CBDC Surveillance State Act.
