Bitcoin News Today: Bitcoin Hits $120,240 as U.S. House Votes on Crypto Regulations

This week’s cryptocurrency market activity centers on a pivotal U.S. House vote on crypto regulatory frameworks and a series of technical upgrades, institutional developments, and geopolitical shifts that could reshape market dynamics. The U.S. House is set to deliberate on Wednesday a measure to overhaul crypto market structure rules, with a separate vote on stablecoin regulations anticipated by Thursday. These legislative actions follow the introduction of a controversial "Dictator" stablecoin amendment, which has sparked debate over centralization risks in the sector [1]. Concurrently, Kazakhstan’s government is reportedly considering allocating national reserves into crypto assets, a move that could signal growing institutional interest in emerging markets [1].

Bitcoin ($BTC) reached an intraday high of $120,240, driven by optimism over upcoming regulatory clarity and macroeconomic expectations [1]. However, the outcome of the Trump administration’s crypto policy report, expected on July 30, remains a critical uncertainty. The report is anticipated to address ETF approvals, stablecoin oversight, and mining guidelines, potentially influencing institutional investment strategies and market sentiment [1]. Grayscale’s confidential SEC filing for an initial public offering (IPO) has also drawn attention, as the firm’s asset allocation decisions could impact broader market liquidity [1].

Technical developments in the blockchain space are poised to catalyze volatility. A contentious Bitcoin protocol upgrade, BIP-119, may be finalized by year-end, altering consensus rules and affecting mining operations [1]. Meanwhile, Lido DAO’s Community Staking Module V2 voting concludes on July 28, a key step toward decentralizing validator onboarding that could enhance token utility and governance [1]. Sonic’s expanded airdrop eligibility list—adding 100,000+ wallets—could reignite retail and institutional interest, while Fluid DEX’s lightweight trading interface aims to attract users through faster execution and lower fees [1].

The week’s events highlight the sector’s interplay between regulatory, technological, and market forces. Institutional adoption, liquidity shifts, and macroeconomic policy remain central themes as investors brace for potential volatility from SUI’s $184 million token unlock on August 1 and MicroStrategy’s Q2 earnings report on July 31 [1].

Sources:

[1] [Daily Market Wrap : Crypto Week Vote](https://coinmarketcap.com/community/articles/6886e0a26eed8e5846f95b3c/)

[2] [Crypto Watchlist: 10 Big Catalysts Coming This Week for SUI, Bitcoin and Others](https://captainaltcoin.com/crypto-watchlist-10-big-catalysts-coming-this-week-for-sui-bitcoin-and-others/)