Bitcoin News Today: Bitcoin Hits $120,000 on U.S. Legislation Optimism, Crypto Market Surges

Bitcoin surged to a fresh all-time high, briefly trading above $120,000, driven by optimism over pending U.S. legislation that could offer long-awaited regulatory clarity for digital assets. This rally has lifted the broader crypto market, with Ethereum, Solana, and XRP notching gains of between 5% and 8% over the last 24 hours. Ether climbed above $3,400, while Solana approached $180. Meme coins including Dogecoin and Floki also advanced, reflecting revived risk appetite across retail and speculative corners of the market.

The legislative tailwind is proving stronger than expected, with regulatory uncertainty being priced out of the market for the first time in years. This optimism coincides with significant movement in Washington, where lawmakers are advancing a trio of crypto-related bills during what has been dubbed “Crypto Week” on Capitol Hill. The GENIUS Act, focused on regulating stablecoin issuers, passed the Senate in June and is now advancing rapidly through the House. The Digital Asset Market Structure Act aims to formally categorize tokens as securities or commodities, clarifying jurisdiction between the SEC and CFTC. The Anti-CBDC Surveillance State Act, designed to block the implementation of a government-backed digital dollar, is gaining traction among privacy-focused lawmakers.

House Speaker has placed the GENIUS Act under a special rule, signaling it could be fast-tracked for a vote by the end of the week. Industry groups and lobbyists say the bills represent the most substantive policy progress for the sector since the collapse of FTX. The policy momentum is also unlocking new institutional capital, with spot Bitcoin ETFs seeing elevated volumes this week, while custody providers reported an uptick in onboarding activity from asset managers and corporate treasuries.

Beyond the U.S., global activity is picking up. Indian exchanges recorded over $200 million in weekly inflows, the highest this year. Meanwhile, U.S.-listed Bitcoin and Ethereum ETFs posted elevated volumes, with custodians reporting an increase in institutional onboarding. Meme coins tied to former U.S. President Donald Trump—$TRUMP and $WLFI—also made headlines as major token unlocks introduced up to $93 million in new supply to the market. Analysts warned this could inject volatility, though some traders framed it as an opportunity.

With regulatory clarity in sight and institutional flows rising, the current rally appears more grounded than previous cycles. While volatility remains a constant in crypto, the infrastructure—financial and communicative—is maturing fast. As prices move and narratives form, firms are helping shape the conversation with data-led clarity, giving projects a clear voice in a noisy, fast-moving market.