Bitcoin Soars Past $123,000 as US Congress Kicks Off Landmark ‘Crypto Week’
Bitcoin Soars Past $123,000 as US Congress Kicks Off Landmark ‘Crypto Week’
Bitcoin has shattered records, surging past $123,000 this Monday, marking a significant milestone as the cryptocurrency market experiences unprecedented growth. This latest peak follows a rapid ascent from approximately $108,000 just a week prior, solidifying Bitcoin’s position as the fifth most valuable asset globally with a market capitalization exceeding $2.4 trillion, surpassing even Amazon.
The dramatic price movement coincides with a landmark “crypto week” in the U.S. Congress, where lawmakers are prioritizing the passage of key pro-cryptocurrency legislation. The House of Representatives is poised to debate several critical bills, including a stablecoin regulation bill already approved by the Senate last month, and a more expansive cryptocurrency market structure bill.
This legislative momentum is largely driven by strong advocacy from President Donald Trump, who, in his second term, has pledged to establish the U.S. as the global hub for cryptocurrency innovation. President Trump and his family have significantly invested across the crypto spectrum, including mining operations, substantial Bitcoin acquisitions, and the launch of new stablecoins and branded meme coins.
The cryptocurrency industry has become a formidable force in Washington, investing heavily in lobbying and election campaigns after perceived regulatory challenges during the previous administration. Bitcoin’s impressive rebound from an April dip below $75,000, coupled with the rising popularity of spot Bitcoin ETFs launched last year, underscores a growing institutional and corporate embrace of digital assets. Industry leaders like Adam Back, CEO of Blockstream, attribute Bitcoin’s current surge to robust institutional demand aligning with its fundamental design as a scarce “digital gold,” limited to 21 million units.
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