Bitcoin climbs to record $123,000 as US lawmakers set to debate crypto rules

Bitcoin has been on a fast-rising trajectory in recent weeks and scaled past the $120,000 for the first time ahead of the US ‘crypto week’ that kicks off today.

Updated on: Jul 14, 2025, 16:52:40 IST

By HT News Desk | Edited by Majid Alam

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Bitcoin scaled a fresh record high of $123,153 on Monday, surpassing the $12,000 mark for the first time as the US House of Representatives is set to debate on a key legislation during the “Crypto Week” starting today.

Representational photo of bitcoin, the most-popular cryptocurency. (Bloomberg)

The crypto has been on a fast-rising trajectory in recent weeks and scaled past the $120,000 in a significant milestone for the world’s most popular cryptocurrency.

The surge comes as US lawmakers are set to debate on a series of crypto bills to clarify regulation for the digital asset industry.

According to a report in Reuters, Bitcoin has surged more than 60% since the US election in November last year, when Donald Trump returned for a second term in the White House.

The bitcoin surge, which is around 30% this year, has sparked a broader optimism for the crypto market over the past few sessions.

The surge in Bitcoin comes even as smaller cryptocurrencies, including Ether, XRP and Solana registered gains early Monday.

"What we find interesting and are watching closely are the signs that bitcoin is now being seen as a long-term reserve asset, not just by retail investors and institutions but even some central banks," Gracie Lin, crypto exchange OKX's Singapore CEO told Reuters.

"We're also seeing increasing participation from Asia-based investors, including family offices and wealth managers. These are strong signs of bitcoin's role in the global financial system and the structural shift in how it is perceived, suggesting that this isn't just another hype-driven rally," Lin reportedly said.

However, the world stocks slipped on Monday as investors remained on edge over the latest tariff threats by US President Donald Trump.

S&P 500 futures and Nasdaq futures both eased 0.3%. MSCI's broadest index of world shares dipped 0.1% with the pan-European STOXX 600 index last down 0.4%.

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HT News Desk
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