Bitcoin surged past $118,000 on Friday, setting a new all-time high amid increasing institutional interest and anticipation over pending U.S. cryptocurrency legislation. The world’s leading digital asset climbed to $118,860 overnight, breaking out of its prior trading range of $100,000 to $110,000 and eclipsing its previous record set in late May. The rally comes as broader risk assets trend upward, with the Nasdaq Composite recently reaching a record high and the S&P 500 close behind.
Analysts point to a continued correlation between Bitcoin and tech equities, particularly as companies such as Nvidia approach historic valuations. Year-to-date, Bitcoin has gained over 21%, buoyed by supportive policies from the Trump administration, including the creation of a strategic Bitcoin reserve. Institutional participation has been a key factor in the asset’s momentum. According to Pepperstone research strategist Dilin Wu, corporate treasuries are actively adding Bitcoin to their balance sheets.
Publicly traded firms such as Strategy (MSTR) and GameStop have increased their holdings, and Trump Media & Technology Group this week filed to launch a “Crypto Blue Chip ETF,” which would allocate around 70% of its assets to Bitcoin. ETF demand is also rising, with BlackRock’s iShares Bitcoin Trust ETF advancing over 7.5% and breaching technical resistance levels. Digital asset miners like CleanSpark reported higher production figures in June, further underscoring the sector’s resilience. CleanSpark mined 685 Bitcoin last month, up nearly 10% from May.
U.S. lawmakers to debate crypto market bills during “Crypto Week”
The timing of Bitcoin’s breakout is closely linked to a legislative agenda dubbed “Crypto Week,” scheduled to begin July 14 in the U.S. House of Representatives. Lawmakers will deliberate on several key bills including the GENIUS Act, the CLARITY Act, and the Anti-CBDC Surveillance State Act. The GENIUS Act, passed by the Senate in June, outlines a federal framework for stablecoins and mandates full reserve backing, audits, and anti-money laundering compliance. It still requires approval from the House, which may seek to align it with its own STABLE Act version.
Meanwhile, the CLARITY Act aims to divide regulatory authority between the Commodity Futures Trading Commission and the Securities and Exchange Commission (SEC), defining digital commodities and requiring registration for trading platforms. The Anti-CBDC Surveillance State Act seeks to block the Federal Reserve from issuing a central bank digital currency, citing privacy and centralization concerns.
Market experts remain divided on whether the legislative momentum will drive immediate price action. Greg Benhaim of 3iQ noted strong institutional and corporate demand but cautioned that price surges could be short-lived following bill approvals. Still, long-term sentiment remains bullish. VanEck’s Matthew Sigel projects Bitcoin could reach $180,000 in 2025, citing U.S. fiscal issues, weakening dollar strength, and ongoing accumulation by crypto treasury firms as supportive drivers. – By CryptoWire News Desk.