Bitcoin soared to an all-time high on Monday, crossing the $120,000 mark for the first time, as investors anticipated key regulatory advancements in the United States during a week being dubbed "Crypto Week" by Republican lawmakers.
The world’s largest cryptocurrency jumped over 3% to reach a new peak of $123,153.22 before retreating slightly. It was last seen trading 0.5% higher at $119,750.86, marking a year-to-date gain of more than 27%.
Investor sentiment has been bolstered by the US House of Representatives` upcoming debate on several crypto-focused bills, which could deliver the long-anticipated regulatory clarity the digital asset sector has been demanding. Among the legislation set for discussion are the Genius Act, Clarity Act, and Anti-CBDC Surveillance State Act.
Former US President Donald Trump, who has branded himself the “crypto president,” has voiced strong support for digital assets and called for pro-crypto policy reforms. His backing has added momentum to the ongoing rally, according to analysts.
“It’s riding a number of tailwinds at the moment,” said Tony Sycamore, a market analyst at IG. “There’s institutional demand, price momentum, and political support from Trump. It looks like Bitcoin could be heading towards $125,000 if this trend continues.”
The Trump family has also shown increasing involvement in the crypto space. Earlier this year, Trump launched his own meme coin under the project World Liberty Financial. Although the $TRUMP coin reached a high of $75 shortly after its January debut, it fell 3.4% on Monday to $9.45, according to CoinMarketCap.
Last week, crypto investor Justin Sun announced an additional $100 million investment in the $TRUMP token. The White House has not responded to inquiries about this development.
Bitcoin’s sharp rise has sparked gains across the broader cryptocurrency market. Ethereum (ETH), the second-largest token, climbed to $3,081.94 — its highest level since early February — though it remains down over 10% in 2025. XRP rose 2.7%, having gained as much as 6.4% earlier in the day.
According to CoinMarketCap, the total value of the global cryptocurrency market now stands at approximately $3.8 trillion.
Simon Peters, an analyst at eToro, noted that Bitcoin’s recent high was primarily in US dollars, suggesting the rally was partially driven by a weakening dollar rather than a universal price surge across currencies.
Meanwhile, crypto-related stocks and ETFs also posted gains. Shares of Coinbase rose 1.8%, MicroStrategy climbed 3.5%, and crypto miner Marathon Digital advanced 0.1% in US trading. Hong Kong-listed spot Bitcoin ETFs by China AMC, Harvest, and Bosera also reached record levels.
Oppenheimer analysts, while cautious on Coinbase ahead of its Q2 earnings report on July 31, raised their price target for the stock from $395 to $417, expecting a better entry point after the results.
As "Crypto Week" unfolds, market participants are closely watching Capitol Hill for developments that could shape the future of digital assets in the United States.
