Bitcoin Breaks $122,000 as US Pushes to Become Global Crypto Leader

Coinbase, the largest crypto exchange in the United States, and its listing in the NYSE

Bitcoin surged past $120,000 on Monday, setting a new all-time high as investors bet big on a more crypto-friendly America. The price jumped around 2.8%, briefly topping $122,000, extending a rally of over 10% in just a week.

This spike in momentum comes as the Republican-controlled House prepares to debate major new legislation designed to cement the US as the world’s hub for digital assets. Lawmakers are considering three bills this week: the Genius Act, the Digital Asset Market Clarity Act, and the Anti-CBDC Surveillance State Act.

These proposals aim to deliver long-awaited regulatory certainty. Supporters argue that defining clear rules for stablecoin issuance and digital asset oversight will encourage traditional investors to allocate more capital to crypto.

“For institutional investors, having a clearer rulebook is essential,” said Tim Chen, head of strategy at financial services firm Mantle.

President Trump at a Bitcoin conference in Nashville, 2024

Bitcoin’s dramatic comeback is remarkable given its 2022 collapse after the implosion of FTX, when prices crashed to around $16,000 and the industry’s future looked uncertain.

Much of the renewed optimism stems from Donald Trump’s return to the White House. The administration has signaled strong support for crypto, with the president vowing to make the US the “bitcoin superpower of the world” and appointing industry-friendly figures to key roles.

French Hill, chair of the House Financial Services Committee, called this week “crypto week,” saying lawmakers are advancing legislation to create a consistent regulatory framework for digital assets.

Among the bills in focus, the Senate has already passed the Genius Act, which would let private companies issue stablecoins backed by assets such as the US dollar. The Clarity Act seeks to define which digital assets fall under the Securities and Exchange Commission versus the Commodity Futures Trading Commission, reducing the legal gray area.

The U.S. Senate discussing crypto regulation

Meanwhile, the Anti-CBDC Surveillance State Act would explicitly block the Federal Reserve from creating a central bank digital currency, a move aimed at assuaging privacy concerns.

Bitcoin’s rally has also been fueled by rising demand from corporations adding the asset to their balance sheets and from new capital flowing into crypto markets.

“This move is likely to continue, since companies that hold bitcoin or raise funds tied to it will need to keep buying to maintain their exposure,” said Darius Sit, founder of digital asset firm QCP.

Mantle’s Chen argued that regulatory clarity would help unleash even more investment and entrepreneurial activity in the space, sending a strong signal that “America is open for business.”

Le Shi, head of trading at market maker Auros, noted that Trump’s much-touted “big beautiful bill” passing into law has encouraged many traders to go risk-on across markets. “For a lot of participants, it’s been seen as an all-clear signal to buy broadly,” he said.