Bitcoin surged to a record high on Monday, briefly reaching $123,153, as investors looked ahead to potential US policy changes that could reshape the crypto industry. With the milestone fueling optimism across the digital asset market, Bitcoin’s rise comes amid lingering uncertainty in global finance.
The world’s most popular cryptocurrency touched the all-time high before slipping back to $119,745 by 4:25 p.m. GMT, still up 0.5% for the day. Bitcoin has gained 30% so far this year, supported by rising institutional demand and fresh political backing.
Lawmakers in the US are preparing for what Republicans are calling “crypto week,” with votes expected on a series of bills aimed at regulating the industry. The most notable, the GENIUS Act, would create federal guidelines for stablecoins, which are cryptocurrencies tied to traditional currencies like the US dollar.
Trump’s support adds fuel to crypto rally
President Donald Trump has taken a vocal stance in support of digital assets. Calling himself the “crypto president,” he has urged lawmakers to revamp outdated rules and embrace innovation. Trump and his family have also invested heavily in the space. In January, he launched his own meme coin and later supported a project called World Liberty Financial.
Crypto entrepreneur Justin Sun, already a major holder of the $TRUMP token, announced plans last week to pour another $100 million into the coin. Despite the investment, the token dropped 3.4% on Monday to $9.45, far below its post-launch peak of $75.
Bitcoin breaks $123,000 for the first time ever! pic.twitter.com/OY8YCH01t6
— Pluid (@tryPluid) July 14, 2025
“It’s riding a number of tailwinds at the moment,” said Tony Sycamore, a market analyst at IG. “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.”
Broader market gains and analyst insights
Other cryptocurrencies also saw gains. Ether, the second-largest token, reached a five-month high of $3,081.94, though it remains down for the year. XRP rose nearly 5% on the day. The total market value of all cryptocurrencies has now reached approximately $3.8 trillion, according to CoinMarketCap.
Analyst Simon Peters from eToro noted that Bitcoin’s rally hasn’t translated into record highs in other currencies such as the euro, pointing instead to dollar weakness as a factor in its U.S. price spike.
In equities, crypto-related stocks also moved higher. Coinbase shares rose 1%, bitcoin-holding firm Strategy gained 2.6%, and miner Mara Holdings jumped 6.3%. Spot bitcoin ETFs listed in Hong Kong by China AMC, Harvest, and Bosera all touched record levels.
“Developments around these pieces of crypto legislation could provide a further tailwind to the current rally. We wait to see.”
