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    Home»Editing Tips»Bitcoin passes $120,000 milestone as US Congress readies for ‘crypto week’
    Editing Tips

    Bitcoin passes $120,000 milestone as US Congress readies for ‘crypto week’

    onlyplanz_80y6mtBy onlyplanz_80y6mtJuly 14, 2025No Comments3 Mins Read
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    A neon bitcoin logo at a cryptocurrency exchange bureau
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    Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favorite tales on this weekly publication.Bitcoin hit a document $120,000 on Monday as US lawmakers ready to contemplate a lot of payments geared toward creating clearer regulatory frameworks for digital belongings.The world’s largest cryptocurrency climbed 2.5 per cent to commerce at a brand new excessive of $122,105 and has risen greater than 10 per cent prior to now seven days. It surged above $100,000 for the primary time in December.The US Congress is making ready for what the Home of Representatives has dubbed “crypto week”, geared toward making “America the crypto capital of the world”.“For capital allocators, what’s most engaging is having some semblance of readability,” mentioned Tim Chen, international head of technique at monetary providers agency Mantle. Within the subsequent 5 days, US lawmakers will take into account the Genius Act, the Digital Asset Market Readability Act, and the Anti-CBDC Surveillance State Act.“We’re advancing landmark laws to ascertain a transparent regulatory framework for digital belongings,” mentioned French Hill, chair of the Home Committee on Monetary Companies, earlier this month. President Trump’s “massive stunning invoice” changing into regulation has contributed to the rally in bitcoin. “The passage has been interpreted by many market individuals as a inexperienced mild to purchase every little thing. You see that throughout a number of asset courses,” mentioned Le Shi, head of buying and selling at Auros, a digital-focused market-making agency.The US Senate has already permitted the Genius Act, a invoice that permits personal firms to challenge stablecoins, and its passage is anticipated to drive demand for short-term US authorities debt at a time of mounting stress on longer-dated debt in international bond markets. The Anti-CBDC Surveillance State Act would prohibit the Federal Reserve from issuing a central financial institution digital forex. The Readability Act would set up a regulatory framework for digital belongings that may “set up clear traces” between the Securities and Change Fee and the Commodity Futures Buying and selling Fee for regulating digital belongings. The rally in bitcoin comes as firms all over the world purchase the cryptocurrency for his or her company treasuries, even when they’re in industries unrelated to digital belongings. “This transfer increased seemingly has legs, as public firms with bitcoin on their steadiness sheets and recent capital raises might want to maintain shopping for to keep up their treasury publicity,” mentioned Darius Sit, founding father of digital asset market maker QCP.Better regulatory readability will solely improve the development and “usher in a wave of capital and founders”, mentioned Mantle’s Chen. “It means the US is open for enterprise.”

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