Bitcoin Surges 3.5% to $122,500 as Crypto Week Begins

Bitcoin prices surged to an unprecedented high, reaching $122,500 on July 14. This milestone was slightly lower on other exchanges, with reports indicating a peak of $122,376. The cryptocurrency experienced a 3.5% gain on the day, marking its latest push above the $120,000 milestone price level. This surge follows a previous peak on July 11, when Bitcoin climbed to a new high above $118,000 within a 24-hour period. The momentum has continued into the new week, which is anticipated to bring bullish announcements for the industry.

The United States House has designated July 14 to 18 as “Crypto Week,” with three key industry bills up for review. These include regulations for stablecoins, a clear crypto framework, and an act against CBDC surveillance. Observers have also speculated about a potential announcement regarding a strategic Bitcoin reserve. Additionally, some analysts have suggested that a spending bill, known as the “One Big Beautiful Bill,” and a surge in fiscal deficit could drive Bitcoin to even higher levels. The biggest macro driver is the passing of this bill, a massive fiscal stimulus package signaling looser policy ahead.

With a $2.4 trillion market capitalization, Bitcoin has surpassed Amazon in size. This milestone underscores Bitcoin's growing influence and acceptance in the global financial landscape. The rally has been driven by liquidations, with $1.3 billion in shorts liquidated in less than 60 seconds, as Bitcoin skipped past $120,000 and went directly to $121,000. At $2.39 trillion, Bitcoin is now officially larger than Amazon and is the world’s 5th largest asset.

Analysts have opined that breaking new highs was liquidation-driven, indicating that investors were initially neutral but are now flipping bullish. This rally has plenty more room to go. Crypto entrepreneurs have commented that Bitcoin is the only technology that can solve the universal problem of currency debasement shared by billions of people in the modern world.

In the broader market, real-world asset tokenization is today’s top-performing category, up 13% and outpacing meme coins and AI tokens. Several assets, including Chainlink, Avalanche, Ondo Finance, and Algorand, were all outperforming the broader market. While Ethereum’s gains were muted, the asset climbed to its highest level since early February, reaching $3,050.