Bitcoin Breaks New Ground: Milestones and Future Outlook

This Monday, bitcoin crossed the $120,000 mark for the first time, marking a significant milestone for the world's largest cryptocurrency.

According to Reuters, bitcoin hit a record high of $122,571.19 before retreating slightly to close at $121,952.61.

The surge comes as the U.S. House of Representatives prepares to discuss a series of bills aimed at establishing a national regulatory framework for the digital asset industry, a long-standing request. These proposals have garnered support from President Donald Trump, who has labeled himself the «crypto president» and urged lawmakers to reconsider regulations in favor of the industry.

Market analyst Tony Sycamore from IG attributed the bitcoin surge to strong institutional demand, expectations of further growth, and Trump’s backing.

«It’s been a very strong move over the past six or seven days, and it's hard to tell where it might stop. It seems quite possible it could reach $125,000,» he said.

Bitcoin's growth, which has risen 29% over the year, has sparked a broader rally in other cryptocurrencies in recent sessions. Ethereum, the second-largest token, reached a five-month high of $3,059.60, while XRP and Solana rose by approximately 3%.

This month, Washington declared the week starting July 14 as «crypto week,» as Congress is set to vote on the Genius Act, Clarity Act, and Anti-CBDC Surveillance State Act. The most significant bill is the Genius Act, which will create federal regulations for stablecoins.

In June, the U.S. Senate passed a bill to create a regulatory framework for cryptocurrency tokens pegged to the U.S. dollar, known as stablecoins, marking a pivotal moment for the digital asset industry.