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Bitcoin breached US$120,000 for the first time, with investor enthusiasm showing few signs of dimming as the U.S. House of Representatives prepares to consider key industry legislation during its “Crypto Week” starting Monday.
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The cryptocurrency bellwether rose as much 3.4 per cent to US$123,205 as of 9:10 a.m. in London as digital assets staged a broad advance. Ether, the second-largest token, also gained, along with a host of smaller coins.
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After surging on the election of Donald Trump to a second U.S. presidential term, bitcoin had settled into a pattern of fluctuating on either side of US$100,000 for several months. Now with other risk assets such as U.S. stocks back around record highs, bitcoin has also resumed its push higher.
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Progress on crucial crypto legislation is adding fresh fuel to the rally. The House will debate and possibly vote this week on the CLARITY Act, Anti-CBDC Surveillance State Act and the Senate’s GENIUS stablecoin package as Republicans move to advance Trump’s crypto-friendly agenda.
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The prospect of a clear U.S. regulatory framework, along with bitcoin’s steady advance in the face of Trump’s chaotic trade policy, has bolstered confidence in the asset class among institutional investors.
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“This shift signals a maturing perspective on bitcoin, not merely a speculative asset, but a macro hedge and a structurally scarce store of value,” said George Mandres, senior trader at XBTO Trading LLC.
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Investors poured more than US$2.7 billion into the group of U.S. bitcoin exchange-traded funds last week, marking the fifth-largest weekly net inflow since their debut in January last year. Collectively, the 12 ETFs now manage about US$151 billion in assets. Open interest in bitcoin futures reached a record high of US$86.3 billion on Monday, according to data from Coinglass.
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Bitcoin is now up roughly 31 per cent for the year after more than doubling in 2024.
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Bitcoin rally takes largest cryptocurrency past US$111,000
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“Bitcoin’s cleared US$120,000, but the real test is US$125,000,” said Rachael Lucas, a crypto analyst at BTC Markets. While short-term profit booking can be expected, “the uptrend has fuel” driven by strong demand from exchange traded funds, she added. “Support at US$112,000 and any dip looks like a buying opportunity, not a reversal.”
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Some analysts aren’t fully sold on the token’s continued rise.
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“In my view, this isn’t a macro-driven rally, but rather an isolated event,” said Nicolai Sondergaard, a research analyst at Nansen. “That said, recent U.S. policy developments such as fiscal expansion and expectations of further monetary easing have created a backdrop that is undeniably favorable for bitcoin.”
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