Bitcoin Surges 3% to New All-Time High of $123,091 as US Lawmakers Prepare for Crypto Regulation

Bitcoin (BTC) surged to a new all-time high early on Monday, reaching $123,091. This rally resumed late on Sunday after a brief pause over the weekend. During the ongoing session, BTC is up nearly 3%, trading around $121,443. Analysts predict that BTC could rise to $130,000 by the end of the year, with more optimistic predictions setting a target of $150,000.

This surge comes as US lawmakers prepare to vote on crucial bills aimed at creating a regulatory framework for the industry. The bills include the GENIUS Act, the CLARITY Act, and the Anti-CBDC Surveillance State Act. Prominent figures in the crypto ecosystem believe the passage of these bills will help push cryptocurrencies further into the mainstream. Tim Chen, global head of strategy at Mantle, stated that for capital allocators, having some semblance of clarity is most attractive.

BTC’s resurgence comes almost three years after the FTX collapse, which sent the asset’s price to a low of $16,000. However, the return of President Trump to the White House has rejuvenated Bitcoin and the broader market. President Trump has promised to turn the US into the “Bitcoin superpower of the world” and has appointed crypto-friendly individuals to key positions. Analysts also attribute the rally to Bitcoin treasury companies that are snapping up the asset as an investment and reserve asset. Darius Sit, founder of QCP, stated that this move higher likely has legs, as public companies with Bitcoin on their balance sheets and fresh capital raises will need to keep buying to maintain their treasury exposure.

Analysts also believe the passage of the “big beautiful bill” contributed to the rally. Le Shi, head of trading at Auros, stated that the passage has been interpreted by many market participants as a green light to buy everything, which is seen across multiple asset classes.

Strategy co-founder and executive chairman Michael Saylor has indicated the company will resume its Bitcoin purchases on Monday after a week-long break. Saylor posted a cryptic message on X, suggesting a buy may be imminent. The company’s last Bitcoin purchase was on June 30, when it bought 4,980 BTC for $532 million. The purchase took its total holdings to 597,325 BTC, valued at over $70 billion. Bitcoin treasury companies like Strategy have established themselves as major players in the Bitcoin market. The companies have been purchasing the asset at a faster rate than it is being mined. Analysts have warned that this could create a supply shock, driving Bitcoin prices exponentially higher. According to data from BitcoinTreasuries, Bitcoin treasury companies bought 159,107 BTC in Q2. Institutional treasuries hold over 3.5 million BTC. These include private enterprises, public companies, crypto firms, government organizations, pension funds, and asset managers. Some market watchers believe companies like Strategy are “synthetically halving” Bitcoin by rapidly accumulating the asset. Adam Livingston, author of The Great Harvest: AI, Labor, and the Bitcoin Lifeline, stated that Strategy has accumulated 379,800 in the past 182 days, far outpacing the miners.

Bitcoin (BTC) resumed its latest rally after a brief pause over the weekend, surging to a new all-time high of $123,091 during the ongoing session. The rally is being fueled by institutional interest and regulatory optimism, with the US Congress set to debate three key bills. Some market experts predict BTC could rise to $150,000 before the end of 2025. Yan Pinchuk, deputy head of exchange operations at Whitebeard, believes BTC could settle between $130,000 and $150,000 by the end of the year. However, Pinchuk warned that the price could see a dip before such a move takes place.

Institutional inflows into spot Bitcoin ETFs have fueled the latest rally, led by BlackRock’s IBIT, which hit a record $83 billion in assets under management on Thursday. On-chain metrics indicate BTC could keep rising. The Long-Term Holder Net Unrealised Profit/Loss sits at 0.69, significantly lower than the 0.75 level typically linked with overheated markets. Bitcoin network activity has also registered a gradual yet substantial increase, and is yet to show signs of panic or profit-taking. Average transactions have risen from 340,000 to 364,000 over the past two days, but are significantly below labels seen during past rallies.

BTC reached an intraday high of $110,583 on Thursday (July 3) as markets rallied. However, it lost momentum on Friday, dropping 1.41% and settling at $108,097. The price recovered over the weekend, registering a marginal increase on Saturday and then rising nearly 1% on Sunday to reclaim $109,000 and settle at $109,231. BTC started the previous week in the red, dropping almost 1% to $108,273. The price recovered on Tuesday, rising 0.62% and settling at $108,942. Bullish sentiment intensified on Wednesday as BTC soared over 2% to cross $110,000 and settle at $111,255. The flagship cryptocurrency raced past $115,000 on Thursday, rising 3.51% to settle at $115,160. Buyers retained control on Friday as BTC rose 1.50%, reaching an intraday high of $118,301 before settling at $116,885. The price lost momentum on Saturday, registering a marginal decline to $116,616. However, it recovered on Sunday, rising nearly 2% to cross $118,000 and settle at $118,624. BTC raced to a new all-time high during the ongoing session, reaching $123,091 before declining to its current levels. With bullish sentiment persisting, analysts believe BTC could cross $120,000 if buyers retain control.