Bitcoin Surges Past $120,000: A Historic Milestone for Cryptocurrency
On Monday, Bitcoin surpassed the $120,000 threshold for the first time, marking a significant milestone for the world’s largest cryptocurrency.
This was reported by Reuters.
Bitcoin reached a record high of $122,571.19 before retreating slightly to close at $121,952.61.
The surge occurred as the U.S. House of Representatives is set to discuss several bills aimed at establishing a national regulatory framework for the digital asset industry that has long been sought. These measures have garnered support from U.S. President Donald Trump, who dubbed himself the «crypto president» and called on lawmakers to revise regulations to benefit the industry.
IG market analyst Tony Sycamore attributed the rise in Bitcoin to strong institutional demand, expectations for further growth, and Trump’s backing.
«This has been a very strong move over the past six or seven days, and it’s hard to tell where it might stop. It seems likely it could easily reach the $125,000 level,» he said.
The rise in Bitcoin, which has already increased by 29% this year, has triggered a broader rally in other cryptocurrencies over the past few 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 starting July 14 as «Crypto Week,» as members of Congress are set to vote on the Genius Act, Clarity Act, and Anti-CBDC Surveillance State Act. The most significant of these bills is the Genius Act, which will create federal regulations for stablecoins.
In June, the U.S. Senate passed a bill aimed at establishing a regulatory framework for cryptocurrency tokens tied to the U.S. dollar, known as stablecoins, marking a turning point for the digital asset industry.
