Bitcoin blasts past $120k as crypto week begins in Washington 

SINGAPORE: Bitcoin crossed the $120,000 mark for the first time on Monday, hitting a record high as optimism grew around expected regulatory developments in the United States. 

The world’s largest cryptocurrency surged to an all-time high of $121,207.55 during the Asian trading session, before easing slightly to trade 1.6 per cent higher at $121,015.42. 

The sharp rise in price came as the US House of Representatives prepared to debate several key bills this week that could finally bring regulatory clarity to the digital asset sector. Among them is the highly anticipated Genius Act, which proposes federal guidelines for stablecoins. Other legislation on the agenda includes the Clarity Act and the Anti-CBDC Surveillance State Act. 

US President Donald Trump has voiced strong support for the crypto industry, recently referring to himself as the “crypto president” and urging lawmakers to revamp outdated regulations. 

“It’s riding a number of tailwinds at the moment,” said Tony Sycamore, market analyst at IG. He pointed to strong institutional demand, the momentum behind recent gains, and Trump’s backing as key drivers of the ongoing rally. “It’s been a very strong move over the past week. Bitcoin could be on track to test the $125,000 level next.” 

Bitcoin is now up 29 per cent since the start of the year, fuelling a broader rally across digital assets despite concerns over the potential impact of Trump’s unpredictable tariff policies. 

Ether, the second-largest cryptocurrency, climbed to a five-month high of $3,050.90. Other tokens such as XRP and Solana also posted gains of around 3 per cent. 

The total market capitalisation of cryptocurrencies has now reached approximately $3.78 trillion, according to CoinMarketCap. 

Meanwhile, crypto-linked exchange-traded funds (ETFs) in Hong Kong also saw strong gains. Spot bitcoin ETFs launched by China AMC, Harvest and Bosera all hit record highs. Ether ETFs managed by the same firms rose by about 2 per cent each. 

Earlier this month, Washington designated the week starting July 14 as “crypto week”, during which lawmakers are expected to vote on the new regulatory proposals. 

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