Bitcoin Hits New All-Time High
For the first time, Bitcoin reached a price of $120,000 on Monday, marking a significant milestone for the world’s largest cryptocurrency as investors anticipate crucial political victories for the industry this week.
Bitcoin marked a historic high of $121,207.55 during the Asian trading session on Monday before slightly retreating to trade 1.6% higher at $121,015.42.
Political Developments Fueling Bitcoin’s Surge
Starting Monday, the United States House of Representatives will debate a series of bills to provide the digital asset sector with the national regulatory framework it has long demanded.
These demands have resonated with U.S. President Donald Trump, who has dubbed himself the “cryptopresident” and urged monetary leaders to update rules in favor of the industry.
“At this moment, it’s riding a series of tailwinds,” said IG market analyst Tony Sycamore, citing strong institutional demand, expectations of higher profits, and Trump’s support as reasons for optimism.
“It has been a very, very strong move over the last six or seven days, and it’s hard to see where it stops now; it seems like it could easily reach the $125,000 level,” he added.
Ripple Effect on Other Cryptocurrencies
Bitcoin’s surge, which has risen by 29% so far this year, has also led to broader gains in other cryptocurrencies in recent sessions, even amidst Trump’s chaotic tariffs.
- Ethereum, the second-largest token, climbed to a five-month high of over $3,050.90.
- XRP and Solana each gained around 3%.
The total market capitalization of the sector has grown to approximately $3.78 trillion, according to CoinMarketCap data.
Upcoming Political Milestones
Earlier this month, Washington designated the week of July 14 as “Cryptocurrency Week,” where Congress members are set to vote on the Genius Act, the Clarity Act, and the Anti-CBDC Surveillance State Act.
The most significant bill is the Genius Act, which would establish federal standards for “stablecoins” or stable cryptocurrencies. Meanwhile, prices of cryptocurrency exchange-traded funds (ETFs) in Hong Kong also rose.
- Bitcoin cash ETFs launched by China AMC, Harvest, and Bosera reached new highs.
- Three Ethereum ETFs managed by asset managers increased by about 2% each.
Key Questions and Answers
- What is Bitcoin? Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.
- Who is Donald Trump? Donald Trump is the 45th President of the United States, serving from January 2017 to January 2021. Known for his business background, he has been vocal about cryptocurrencies and blockchain technology.
- What are stablecoins? Stablecoins are a type of cryptocurrency designed to maintain a stable value, often pegged to fictional currencies or commodities like the US dollar.
- What are ETFs? Exchange-traded funds (ETFs) are investment funds that trade on stock exchanges, much like individual stocks. They can hold various assets, including stocks, commodities, or bonds.
