Bitcoin (BTC) has broken above $120,000 U.S. to hit another all-time high.
In early trading on July 14, Bitcoin was trading at just under $122,000 U.S., having risen about 3% in recent days. Cryptocurrencies trade around the clock, seven days a week.
The successive record highs for Bitcoin over the past week come as a broad rally in cryptocurrencies accelerates.
In particular, the current rally fueled inflows into spot Bitcoin exchange-traded funds (ETFs), with both institutional and individual retail investors piling into the investment vehicles.
On July 10, Bitcoin ETFs saw their biggest one day of inflows in 2025 at $1.18 billion U.S.
Bitcoin is also gaining ground as the U.S. Congress nears passage of new crypto legislation.
The U.S. House of Representatives will begin deliberating on a series of crypto bills starting July 14 in what is being called “Crypto Week” in Washington, D.C.
The potential laws are aimed at providing a clearer regulatory framework for digital assets such as Bitcoin, Ethereum (ETH), Dogecoin (DOGE), and XRP (XRP), among others.
The policies have been long sought by the crypto industry, and are supported by U.S. President Donald Trump, who is himself involved in several crypto ventures.
One of the most significant pieces of legislation is the “Genius Act” that establishes federal regulations around U.S. dollar-pegged stablecoins and could create a pathway for companies to issue digital dollars.
Corporate and institutional investors have purchased $15 billion U.S. in Bitcoin ETFs over the last six to eight weeks as they anticipate passage of the Genius Act and other crypto bills.
A growing number of options traders are taking out bets that Bitcoin’s price will reach $140,000 U.S. in coming months. So far in 2025, BTC has gained 30%.
