Bitcoin Surpasses $120,000 for First Time
TEHRAN (Tasnim) – Bitcoin climbed past the $120,000 mark for the first time on Monday, fueled by investor optimism over anticipated US regulatory reforms and vocal support from US President Donald Trump.
Bitcoin hit an all-time high of $121,207.55 during the Asian session on Monday.
It later eased slightly, last trading 1.6% higher at $121,015.42.
The rally comes as the US House of Representatives begins debate on a series of bills aimed at establishing a regulatory framework for digital assets.
These long-demanded measures by the crypto industry have gained traction under Trump, who recently described himself as the "crypto president."
Trump has urged lawmakers to revamp existing rules in favor of digital currencies.
“It’s riding a number of tailwinds at the moment,” said IG market analyst Tony Sycamore.
He pointed to robust institutional demand, bullish sentiment, and Trump's backing as key factors.
“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,” he added.
Bitcoin has gained 29% so far in 2025, with the surge triggering a broader rise across cryptocurrencies.
Ether, the second-largest cryptocurrency, touched a five-month high of $3,050.90.
XRP and Solana also rose by around 3% each.
The total market capitalization of cryptocurrencies reached approximately $3.78 trillion, according to CoinMarketCap.
Earlier in July, Washington declared the week of July 14 as “crypto week.”
During this period, Congress will vote on the Genius Act, the Clarity Act, and the Anti-CBDC Surveillance State Act.
The Genius Act is the most prominent, proposing federal regulation of stablecoins.
Meanwhile, crypto-related ETFs in Hong Kong also rallied.
Spot bitcoin ETFs issued by China AMC (3042.HK), Harvest (3439.HK), and Bosera (3008.HK) reached new highs.
Ether ETFs managed by the same firms—3046.HK, 3179.HK, and 3009.HK—each rose by around 2%.
