Bitcoin crossed the $ 120,000 mark for the first time on Monday, establishing a new historical maximum as investors recovered around the early regulatory progress in the United States.
The largest cryptocurrency in the world increased to a record of $ 122,571.19 before removing slightly to operate a 2.4% higher than $ 121,952.61.
The milestone occurs when the United States Representatives Chamber is preparing to discuss several bills aimed at establishing a long -awaited regulatory framework for the digital asset industry.
These legislative efforts have gained ground under the administration of the president of the United States, Donald Trump, who has described himself as the “cryptographic president” and has advocated the changes of rules in favor of the sector.
“It is riding several winds at this time,” said IG Market analyst Tony Sycamore, citing a strong institutional demand, higher profits expectations and Trump's support as key rally drivers.
“It has been a very, very strong movement in the last six or seven days and it is difficult to see where you stop now. It seems that you can easily take a look at the level of $ 125,000,” he said.
The last increase in Bitcoin, 29% more so far this year, has caused a broader demonstration throughout the cryptography market. Ether, the second largest token, reached a maximum of five months at $ 3,059.60, while XRP and Solana rose about 3%.
According to CoinmarketCap, the total market value of the sector has now expanded to approximately $ 3.81 billion.
“What we find interesting and we are observing closely are the signs that Bitcoin now looks like a long -term reserve asset, not only for retail investors and institutions, but even some central banks,” said Gracie Lin, CEO of OKX Singapore.
“We are also seeing the growing participation of Asia headquarters, including family offices and heritage administrators. These are strong signs of Bitcoin's role in the global financial system and structural change in the way in which it is perceived, which suggests that this is not just another rally driven by excess.”
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At the beginning of July, the United States government appointed the week of July 14 as “Cryptography Week”, with legislators scheduled to vote on the Genius Law, the Law of Clarity and the State Law on Anti-CBDC surveillance. Of these, the Genius law is considered the most consistent, since it proposes a comprehensive federal regulatory framework for the stables.
Meanwhile, the rally extended beyond US markets. In Hong Kong, Spot Bitcoin ETF launched by China AMC, Harvest and Bosera reached maximum record on Monday.
According to Reuters, the three ETF ETHher administered by the same companies also gained more than 2% each, which reflects the global impulse of the sector.
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