Published: July 16, 2025, 12:46 AM
Bitcoin surged to a new all-time high of $123,153.22 on Monday, crossing the $120,000 mark for the first time, fueled by growing investor optimism over favorable U.S. policy developments expected this week. Though it later eased slightly, Bitcoin remains up more than 27% for the year, last trading at $119,750.86.
The rally comes as the U.S. House of Representatives gears up to debate and potentially pass a series of crypto-related bills during what Republicans have dubbed “crypto week.” The proposed legislation could provide long-awaited regulatory clarity to the digital asset industry—an issue that has gained strong backing from President Donald Trump, who has labeled himself the "crypto president."
"Bitcoin is riding a number of tailwinds right now," said Tony Sycamore, an analyst at IG Markets. He cited institutional buying, bullish sentiment, and political support as key drivers. “It’s been a very strong move in recent days. At this point, $125,000 seems well within reach.”
Investor interest in politically charged crypto assets is also growing. Crypto entrepreneur Justin Sun announced a fresh $100 million investment in the $TRUMP meme coin last week, though the token itself fell 3.4% on Monday to $9.45. It had previously surged to as high as $75 earlier in the year.
Bitcoin’s rally has sparked broader momentum across the crypto market. Ethereum (ETH), the second-largest cryptocurrency, hit $3,081.94—its highest level since February—while XRP gained 2.7% after spiking over 6% earlier in the day. The total crypto market capitalization has now reached approximately $3.8 trillion, according to CoinMarketCap.
However, not all of the gains are solely driven by fundamental demand. eToro analyst Simon Peters noted that Bitcoin hasn’t hit record highs in other currencies like the euro, indicating that a weaker dollar also contributed to Monday`s surge.
During this “crypto week,” Congress is expected to vote on the Genius Act, the Clarity Act, and the Anti-CBDC Surveillance State Act. The Genius Act, which focuses on creating federal regulations for stablecoins, is considered the most impactful.
Elsewhere, crypto-related equities also moved higher. Shares of Coinbase rose 1.8%, while MicroStrategy advanced 3.5%, and Marathon Digital added 0.1%. Oppenheimer analysts maintained a cautious outlook on Coinbase ahead of its July 31 earnings but raised their price target to $417 per share.
In Asia, spot Bitcoin ETFs listed in Hong Kong by China AMC, Harvest, and Bosera also hit fresh highs, reflecting global enthusiasm around the sector.
