SINGAPORE, July 14 – Bitcoin surged past the $120,000 mark for the first time on Monday, reaching a new all-time high of $123,153.22 before slightly retreating to around $122,000, still up by 2.4% on the day. The rally comes as investors anticipate favorable developments from upcoming U.S. policy discussions that could offer long-awaited regulatory clarity for the digital asset sector.
Later today, the U.S. House of Representatives will debate key bills aimed at establishing a regulatory framework for cryptocurrencies — a move strongly backed by President Donald Trump, who has declared himself the “crypto president” and advocates for rules that support the industry.
IG market analyst Tony Sycamore attributed the surge to increasing institutional interest, bullish momentum, and political backing, stating that bitcoin’s recent rise could soon push it toward the $125,000 level.
Bitcoin has jumped 30% so far this year, fueling a wider rally in the crypto market despite market concerns over Trump’s volatile trade policies. Ethereum climbed to a five-month high of $3,059.60, while XRP and Solana also saw gains of around 3%.
The total market capitalization of the cryptocurrency sector has grown to approximately $3.81 trillion, according to CoinMarketCap. Gracie Lin, CEO of OKX Singapore, highlighted a shift in perception of bitcoin as a long-term reserve asset, with increasing adoption by central banks, family offices, and Asian wealth managers — signaling a fundamental transformation in the industry.
This week has been dubbed “crypto week” in Washington, as Congress is set to vote on major legislation including the Genius Act (focused on stablecoin regulation), the Clarity Act, and the Anti-CBDC Surveillance State Act.
Meanwhile, crypto-related stocks and ETFs also saw a boost. In premarket U.S. trading, Coinbase rose 1.7%, MicroStrategy climbed 3.3%, and crypto miner Mara Holdings jumped 4.6%. Hong Kong-listed bitcoin ETFs from China AMC, Harvest, and Bosera all hit new highs.
