Bitcoin surged to a new all-time high of $123,153 on Monday, driven by investor optimism surrounding a wave of anticipated pro-crypto legislation in the United States. After touching the record level, it pulled back slightly but was still trading strong at around $119,745, up 0.5% for the day. The rally marks over 30% growth for the world’s most valuable cryptocurrency since the beginning of the year, reinforcing its renewed momentum amid growing institutional interest and political backing.
This sharp rise comes as the U.S. House of Representatives enters what has been informally named “crypto week” by Republican lawmakers. Several bills related to the digital asset industry are scheduled for debate, including key proposals that aim to establish a federal regulatory framework for stablecoins and prevent excessive surveillance through central bank digital currencies. Investors view this legislative focus as a potentially defining moment for the crypto space, which has long struggled with regulatory uncertainty in the U.S.
Fueling the bullish sentiment is former President Donald Trump, who has positioned himself as an open supporter of cryptocurrencies and has even declared himself the “crypto president.” In recent months, Trump and his family have launched multiple ventures into the digital asset sector, including the creation of a crypto initiative called World Liberty Financial and the release of a meme coin in January. That coin, which initially soared to around $75, has since fallen to $9.45, reflecting the volatile nature of niche digital assets despite broader market gains.
While Trump’s broader economic policies — especially his tariff threats — have created uncertainty across traditional financial markets, the crypto sector has surged ahead. Ethereum, the second-largest digital currency, climbed above $3,080 to reach its highest level in more than five months, and other tokens like XRP also posted significant gains. The overall value of the cryptocurrency market has now ballooned to approximately $3.8 trillion, signaling robust investor confidence.
Analysts point to several factors behind bitcoin’s explosive growth: institutional buying, optimism around regulatory reform, and weakening of the U.S. dollar. Some experts also suggest that political alignment with crypto interests could shape the upcoming U.S. elections, with digital asset policies becoming a central issue. Market analyst Tony Sycamore commented that bitcoin’s movement over the past week has been extremely strong, and it now appears poised to test the $125,000 mark soon.
Crypto-related equities and investment funds also benefited from the rally. Shares of major players like Coinbase, MicroStrategy, and Marathon Digital rose steadily, reflecting broader enthusiasm. In Asia, bitcoin ETFs listed in Hong Kong by firms like China AMC and Bosera hit new highs, showing the global impact of the current momentum.
Although the crypto rally is being powered by political signals and legislative anticipation, some analysts urge caution, noting that sustainability depends on actual policy outcomes. Still, the sentiment across markets is clear: digital assets are entering a new phase of maturity and political relevance, and the world’s eyes are on Washington this week to see if the regulatory environment will finally align with the scale of the industry.