- Bitcoin has surpassed $120,000 for the first time, following positive signals from major industry leaders.
- Market enthusiasm has grown after Coinbase’s CEO issued a strong forecast and Elon Musk confirmed important bitcoin developments.
- The price surge is supported by expectations that U.S. president Donald Trump‘s policies will favor cryptocurrency adoption.
- Congress is reviewing three key bills, including stablecoin regulations and measures that define the crypto market structure.
- Experts believe that new regulations and a large fiscal stimulus could lead to significant growth and more investment in digital assets.
Bitcoin climbed above $120,000 on strong momentum linked to anticipated changes in U.S. crypto policy, with major figures like Coinbase CEO and Elon Musk drawing attention to potential market shifts. The rally comes as traders express confidence that President Donald Trump’s support for the sector could drive wider industry adoption in the weeks ahead.
The latest surge follows predictions from the head of Coinbase and renewed interest from high-profile names. The price of bitcoin has doubled since President Trump won back the White House last year. Traders are betting that the administration’s favorable stance will “open the floodgates” for the cryptocurrency sector.
Market focus this week is on Congressional activity regarding crypto legislation. Politico reports that House Republicans are ready to approve the Senate’s stablecoin bill. This follows updates to the bill, including new accounting rules and permissions for commodity-backed stablecoins. The legislation would also require review committee approval before public non-financial companies can issue stablecoins to private companies.
Congress is set to discuss three main bills: the Genius Act (focused on stablecoins), a crypto market structure act (defining digital assets as securities or commodities), and an anti-central bank digital currency (CBDC) bill blocking a retail digital dollar. Earlier this year, investor Kevin O’Leary said that passing the Genius Act and market structure legislation could bring “trillions” in new investments to the crypto sector. In remarks covered by Coindesk, he stated, “when that is determined and regulated … bar the doors—a trillion dollars will come in and index [bitcoin].”
The recent price moves are also tied to anticipation over President Trump’s “Big Beautiful Bill” (BBB), a stimulus plan that market participants believe will raise risk asset values, such as bitcoin. According to Nick Forster, founder of Derive.xyz, “Historically, similar environments (such as during COVID) sparked sharp rallies in crypto as excess liquidity flowed into risk assets.” He added that a downward shift in U.S. interest rates could drive further aggressive investments into assets like bitcoin.
Additional drivers include the steady accumulation of bitcoin by companies buying into exchange-traded funds (ETFs) and holding significant reserves, inspired by Michael Saylor’s Strategy, as well as similar actions with other digital assets such as Ethereum and XRP. These moves aim to create supply pressure and thereby help boost prices.
Congressional focus this week remains on shaping U.S. crypto policy, with several proposals under review that could affect the broader digital asset market in the months ahead.
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