Singapore, Jul 14, 2025 : Bitcoin surged past the $120,000 mark for the first time on Monday, hitting a record high of $121,207.55 in the Asian session before easing to $121,015.42, up 1.6% on the day.
The rally comes ahead of key U.S. legislative discussions, as the House of Representatives begins debating landmark crypto bills this week—including the Genius Act, Clarity Act, and Anti-CBDC Surveillance State Act. The most impactful, the Genius Act, aims to establish a federal framework for stablecoins.
Backed by vocal support from U.S. President Donald Trump—who has dubbed himself the “crypto president”—investor sentiment has surged. “It’s riding a number of tailwinds,” said IG market analyst Tony Sycamore, pointing to growing institutional demand, pro-crypto policy signals, and expectations of further gains. “It looks like it could easily test the $125,000 level,” he added.
Bitcoin is now up 29% year-to-date, driving a broader market rally. Ethereum (Ether) hit a five-month high at $3,050.90, while XRP and Solana rose 3% each. The total crypto market cap now stands at approximately $3.78 trillion, according to CoinMarketCap.
Hong Kong-listed crypto ETFs also saw gains, with spot Bitcoin ETFs from China AMC, Harvest, and Bosera reaching record highs. Ether ETFs managed by the same firms rose around 2%.
The surge comes as Washington observes “Crypto Week,” a push to formalize regulatory clarity for the digital asset sector.
