Bitcoin surged to a new all-time high on Monday, climbing past $123,000, as U.S. lawmakers prepare for a week focused on advancing pro-cryptocurrency legislation. Just a week ago, bitcoin was valued around $108,000. With a market capitalization of approximately $2.4 trillion, bitcoin has become the fifth most valuable asset class worldwide, surpassing even Amazon.
This strong momentum comes as the U.S. House of Representatives is set to consider several cryptocurrency-related bills during what has been dubbed “crypto week” in Congress. Pressure is mounting from President Donald Trump and influential crypto industry groups to pass these laws swiftly. One key bill, already passed by the Senate last month, aims to regulate stablecoins—a specific type of cryptocurrency. Another broader market structure bill related to cryptocurrencies is also on the House agenda.
Once skeptical of cryptocurrencies, President Trump has pledged during his second term to establish the U.S. as the global hub for crypto innovation. Trump and his family have heavily invested in various parts of the crypto space, including mining operations, significant bitcoin acquisitions, launching a stablecoin, and even creating a Trump-branded meme coin.
The cryptocurrency sector has grown into a powerful force in Washington, especially after feeling targeted by the current administration. Following large campaign contributions during last year’s elections, the industry continues to spend heavily on lobbying efforts this year.
Bitcoin has rebounded significantly since dipping below $75,000 in April. Interest in spot bitcoin ETFs has surged since their launch last year, and several publicly traded firms now focus primarily on acquiring bitcoin using debt and stock sales.
Born out of the 2008 financial crisis, bitcoin’s journey to mainstream recognition has been marked by extreme volatility. Supporters often compare it to “digital gold,” a hedge against mismanagement by central banks and governments. Bitcoin’s supply is capped at 21 million coins, making it a finite asset.
“Bitcoin’s price is finally reflecting the underlying demand that has been growing steadily,” said Adam Back, CEO of crypto firm Blockstream. “Institutional interest is aligning with bitcoin’s fixed supply, fulfilling its intended design.”
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