Bitcoin crossed the $120,000 mark for the first time , hitting an all - time high of $122,571.19 before falling slightly to $121,952.61. The impressive rise reflects growing confidence in the leading cryptocurrency and political developments that favor the digital asset industry .
The surge coincides with the so-called “crypto week” in Washington, during which the US Congress is considering a series of critical bills that aspire to establish a clear and workable regulatory framework for the crypto market. The , Genius Actwhich aims to regulate stablecoins, is in the spotlight, along with the Clarity and Anti-CBDC Surveillance State.
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The rise also comes at a time of increased political support. Donald Trump, in statements, described himself as the “president of cryptocurrency”, calling for a review of legislation in favor of the sector. The market seems to be responding positively, interpreting this support as a potential boost for long-term stability and acceptance of digital assets.
“It’s facing quite a few headwinds right now,” said IG market analyst Tony Sycamore, noting that there is strong institutional demand, expectations for further gains and support from Trump, all of which are helping the bullish momentum.
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Bitcoin’s rise – up 29% since the start of the year – has sparked broader market volatility. Ethereum surged above $3,000, hitting a five-month high, while XRP and Solana moved about 3% higher.
According to Gracie Lin, CEO of OKX in Singapore, we are now seeing a new narrative around Bitcoin. “What we find interesting and are watching closely are the signs that bitcoin is now being viewed as a long-term reserve asset, not only by individual investors and institutions, but even by some central banks,” she said, noting the strong investment activity from family offices and asset managers in Asia.
The total crypto market capitalization has soared to $3.81 trillion, according to data from CoinMarketCap, confirming that the “new era” of crypto is not just an investment bubble, but potentially a structural shift in the global financial ecosystem.
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Overall, we are seeing a transition from speculation to strategic adoption. If this push is accompanied by a stable regulatory framework and political consistency, then we are not just talking about a bull market but the first stage of the normalization of crypto as a pillar of the modern economic system.
Source: Reuters
