Bitcoin crossed the $120,000 level for the first time on Monday, July 14, 2025, marking a milestone for the world’s largest cryptocurrency.
Bitcoin scaled a record high of $122,571.19, before pulling back slightly to last trade 2.4% higher at $121,952.61.
Later in the day, the United States House of Representatives will debate a series of bills to provide the digital asset industry with the nation’s regulatory framework it has long demanded.
Those demands have resonated with U.S. President Donald Trump, who has called himself the “crypto president” and urged policymakers to revamp rules in favour of the industry.
“It’s riding a number of tailwinds at the moment,” said IG market analyst Tony Sycamore, citing strong institutional demand, expectations of further gains and support from Trump as reasons for the bullishness.
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“It’s been a very, very, strong move over the past six or seven days and it’s hard to see where it stops now. It looks like it can easily have a look at the $125,000 level,” Sycamore added.
The surge in bitcoin, which is up 29% for the year so far, has sparked a broader rally across other cryptocurrencies over the past few sessions even in the face of Trump’s chaotic tariffs, Reuters reported.
Ether, the second-largest token, scaled a more than five-month top of $3,059.60, while XRP and Solana gained about 3% each.
The sector’s total market value has swelled to about $3.81 trillion, according to data from CoinMarketCap.
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