Bitcoin Surpasses $120,000: A New Growth Milestone
On Monday, Bitcoin crossed the $120,000 threshold for the first time, marking a significant milestone for the world’s largest cryptocurrency.
According to Reuters,
Bitcoin reached a record high of $122,571.19, before retreating slightly to close at $121,952.61.
This rise occurred as the U.S. House of Representatives is set to discuss several bills aimed at providing the digital asset industry with the regulatory framework it has long sought. These initiatives have garnered support from U.S. President Donald Trump, who called himself the “crypto president” and urged lawmakers to reconsider regulations in favor of the industry.
Market analyst Tony Sycamore from IG attributed Bitcoin’s surge to strong institutional demand, expectations of further growth, and Trump’s backing.
“It has been a very strong move over the last six or seven days, and it’s hard to tell where it will stop. It seems like it could easily reach the $125,000 level,” he said.
The growth of Bitcoin, which has risen 29% over the year, has triggered a broader rally in other cryptocurrencies in recent sessions. Ethereum, the second-largest token, hit a five-month high of $3,059.60, while XRP and Solana rose by about 3%.
This month, Washington declared the week beginning July 14 as “crypto week,” as Congress members are set to vote on the Genius Act, Clarity Act, and Anti-CBDC Surveillance State Act. The most significant of these is the Genius Act, which will create federal regulations for stablecoins.
In June, the U.S. Senate passed a bill to establish a regulatory framework for cryptocurrency tokens pegged to the U.S. dollar, known as stablecoins, marking a pivotal moment for the digital asset industry.
