Bitcoin News Today: Bitcoin Surges 2% to $123,000 Amid US Crypto Legislation Push

On July 3, the White House declared the week of July 14 as ‘Crypto Week’ to discuss three significant bills: the GENIUS Act, the CLARITY Bill, and the Anti-CBDC Surveillance Act. The announcement sparked varied reactions in the market, with Bitcoin trading activity intensifying as investors anticipated potential regulatory updates.

On Tuesday, US President Donald Trump celebrated the start of ‘Crypto Week,’ urging the Republican House to support what he described as “tremendous bills.” He emphasized that digital assets represent the future of the nation and could position the US as the global leader in this domain. Trump expressed enthusiasm about the potential of digital assets, stating, “This is our moment – Digital assets, GENIUS, clarity! It is all part of Making America Great Again, bigger and better than ever before. We are leading the world, and will work hard with the Senate and the House to get even more legislation on this passed!”

Despite Trump's advocacy, a coalition of Republicans and Democrats successfully blocked the legislation from advancing to a vote or debate. This move was supported by 13 Republicans, who joined Democrats in opposing the procedural vote to bring the three crypto bills to the floor. This development marked a significant setback for the proposed legislation, which aimed to establish a regulatory framework for digital assets.

Bitcoin's price surged past $120,000 on Monday, July 14, driven by growing institutional adoption and optimism surrounding the pending U.S. legislation. The price of Bitcoin reached record peaks above $123,000, supported by increasing confidence in the potential for regulatory clarity and the growing pushback over the involvement of certain political figures in the crypto space. The legislative push in the U.S. Congress played a significant role in the market's reaction, with Bitcoin achieving an all-time high over $122,000.

The GENIUS Act, one of the major bills under consideration, aims to establish an enhanced framework for US dollar-pegged stablecoins and create a pathway for companies to issue digital dollars. This bill has boosted investors’ confidence in stablecoins while providing clarity. The optimism surrounding the pending legislation and the growing institutional adoption has led to a surge in Bitcoin's price, with some analysts suggesting that this rally may have legs. The price of Bitcoin surpassed $120,000 for the first time, buoyed by increasing confidence in a favorable U.S. regulatory environment as the House begins debating key crypto bills.

The market's reaction to the legislative push has been positive, with Bitcoin achieving new all-time highs. The surge in Bitcoin's price has been driven by a combination of factors, including growing institutional adoption, optimism surrounding pending U.S. legislation, and the growing pushback over the involvement of certain political figures in the crypto space. The legislative activity in the U.S. Congress has been seen as a turning point for how digital assets integrate into corporate finance and global payments, with the House of Representatives set to vote on three major crypto bills this week.