NEW YORK, July 14 – Bitcoin surged past $120,000 for the first time on Monday, marking the latest milestone for the world’s largest cryptocurrency as investors anticipate long-awaited policy victories for the industry during what U.S. Republicans have dubbed “crypto week.”
Bitcoin surged to achieve a record high before moderating, marking significant gains for the world’s leading cryptocurrency. The digital asset has shown remarkable strength throughout the year.
The U.S. House of Representatives is scheduled to debate and likely approve a series of cryptocurrency-related bills this week. These legislative measures could furnish the digital asset industry with the comprehensive regulatory framework it has long pursued.
Such demands have found a receptive audience in U.S. President Donald Trump, a Republican who has proclaimed himself the “crypto president” and encouraged policymakers to restructure regulations in favor of the industry.
“It’s benefiting from multiple tailwinds at the moment,” observed IG market analyst Tony Sycamore, citing institutional demand, expectations of continued gains, and Trump’s support as driving forces behind the bullish momentum.
Trump and his family have undertaken numerous ventures into cryptocurrencies over the past year, including launching a new crypto project, World Liberty Financial, and debuting his own meme coin in January.
Last week, crypto entrepreneur Justin Sun, already a substantial investor in the $TRUMP coin, announced his intention to make a significant additional investment.
The White House did not immediately respond to a request for comment regarding Sun’s investment in the president’s meme coin.
Bitcoin’s surge has ignited a broader rally across other cryptocurrencies throughout recent sessions, even as Trump’s volatile tariff policies have dampened sentiment in other markets.
Other major cryptocurrencies have also shown strength, with Ether reaching its highest level since February, while the broader crypto market has experienced substantial growth.
Simon Peters, analyst at eToro, observed that bitcoin’s price had not established record highs in other currencies such as the euro, suggesting that dollar weakness contributed to some of Monday’s advance to new record territory.
U.S. Republicans have designated the week of July 14 as “crypto week,” during which congressional members are scheduled to vote on the Genius Act, the Clarity Act, and the Anti-CBDC Surveillance State Act.
The most significant legislation is the Genius Act, which would establish federal regulations for stablecoins.
“Developments surrounding these pieces of crypto legislation could provide additional momentum to the current rally. We await further developments,” eToro’s Peters commented.
Meanwhile, prices of crypto-related stocks and exchange-traded funds advanced.
Shares of cryptocurrency exchange Coinbase (COIN.O) gained 1.8%, while bitcoin holder MicroStrategy (MSTR.O) climbed 3.5%. Crypto mining company Mara Holdings (MARA.O) rose 0.1% in U.S. trading.
Analysts at Oppenheimer indicated they remain cautious on Coinbase ahead of its quarterly results scheduled for July 31, but believe a more attractive entry point could emerge following the earnings announcement, and increased their price target on the stock to 395 per share.
Author: AI
Published: July 15, 2025