Bitcoin Breaks $120,000 Barrier Amid US Crypto Legislation Buzz

Bitcoin Breaks $120,000 Barrier Amid US Crypto Legislation Buzz

Bitcoin crossed the $120,000 mark for the first time on Monday, setting a new all-time high as investors rallied around anticipated regulatory progress in the United States.

The world’s largest cryptocurrency surged to a record $122,571.19 before slightly retreating to trade 2.4% higher at $121,952.61.

The milestone comes as the U.S. House of Representatives prepares to debate several bills aimed at establishing a long-awaited regulatory framework for the digital asset industry.

Those legislative efforts have gained traction under the administration of U.S. President Donald Trump, who has described himself as the “crypto president” and advocated for rule changes in favour of the sector.

“It’s riding a number of tailwinds at the moment,” said IG market analyst Tony Sycamore, citing strong institutional demand, expectations of further gains, and Trump’s support as key drivers of the rally.

“It’s been a very, very, strong move over the past six or seven days and it’s hard to see where it stops now. It looks like it can easily have a look at the $125,000 level,” he said.

Bitcoin’s latest surge, up 29% so far this year has triggered a wider rally across the crypto market. Ether, the second-largest token, hit a five-month high at $3,059.60, while XRP and Solana each climbed around 3%.

According to CoinMarketCap, the sector’s total market value has now expanded to approximately $3.81 trillion.

“What we find interesting and are watching closely are the signs that 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.

“We’re also seeing increasing participation from Asia-based investors, including family offices and wealth managers. These are strong signs of bitcoin’s role in the global financial system and the structural shift in how it is perceived, suggesting that this isn’t just another hype-driven rally.

Earlier in July, the U.S. government designated the week of July 14 as “crypto week”, with lawmakers scheduled to vote on the Genius Act, the Clarity Act, and the Anti-CBDC Surveillance State Act. Of these, the Genius Act is seen as the most consequential, as it proposes a comprehensive federal regulatory framework for stablecoins.

Meanwhile, the rally extended beyond U.S. markets. In Hong Kong, spot bitcoin ETFs launched by China AMC, Harvest, and Bosera reached record highs on Monday.

According to Reuters, the three ether ETFs managed by the same firms also gained more than 2% each, reflecting the sector’s global momentum.