Bitcoin reaches a new high of $120,000 - Bitcoin surpassed its previous high of $120,000.
In a remarkable turn of events, Bitcoin, the world's leading cryptocurrency, has broken new ground, surpassing the $120,000 mark earlier this morning and reaching a record high of $123,200 on the Bitstamp trading platform. This unprecedented price surge comes amidst a week of significant political focus on cryptocurrencies in the United States, with the US House of Representatives declaring the week of July 14 as 'Crypto Week'.
Under the leadership of US President Donald Trump, cryptocurrencies have gained a high political priority. This is evidenced by the ongoing discussions and votes on three legislative proposals aimed at creating a positive environment for cryptocurrencies.
One of these proposals is the Digital Asset Market Clarity Act of 2025, which seeks to establish a structured regulatory framework for digital assets. The bill aims to clarify oversight responsibilities between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), classifying cryptocurrencies as securities, commodities, or digital investment contract assets based on their characteristics.
Another proposal, the GENIUS Act, would create the first-ever U.S. regulatory framework for stablecoins. This legislation requires stablecoin issuers to back their tokens one-to-one with liquid cash, enabling private companies to issue stablecoins securely.
A third proposal seeks to ban a US Central Bank Digital Currency (CBDC), reflecting ideological divisions around the concept of government-issued digital currency.
These legislative measures, if passed, could shape the crypto market significantly, addressing clear regulatory structures, stablecoin legitimacy, and preserving privacy and government boundaries, aiming to foster a positive and secure environment for cryptocurrency development in the United States.
Analysts, such as Rachael Lucas of the BTC Markets trading platform and Timo Emden of Emden Research, attribute the recent Bitcoin rally to speculation that rules for trading in the US could be relaxed, as well as the potential for further deregulation in the US. The upcoming legislative decisions are seen as crucial in shaping the future of the crypto market.
As the dust settles on this week of 'Crypto Week', it remains to be seen how these legislative decisions will impact the crypto market and the future of digital assets in the United States.
The European Union, recognizing the potential impact of the crypto market, has initiatives to support the implementation of financial instruments for investing in technology, such as cryptocurrencies, in line with the evolving regulatory landscape in the United States. Analysts suggest that these upcoming legislative decisions in the US, particularly those that may relax trading rules or establish a framework for stablecoins, could further drive investment in cryptocurrencies, potentially leading to further price surges.
