Bitcoin soared to an all-time high of $123,153 on Monday, surpassing the $120,000 milestone for the first time as momentum built ahead of a pivotal week for crypto policy in the United States.
The rally, fuelled by robust institutional inflows and a series of pro-crypto signals from Washington, marked a turning point for the world’s most popular cryptocurrency.
According to Pankaj Balani, CEO and co-founder of Delta Exchange, the digital asset has gained 30 per cent year-to-date (YTD) and over 100 per cent year-on-year (YoY). The price movement, Balani noted, comes on the back of “massive institutional flows, ETF traction, and a series of pro-crypto policy cues from the United States,” as reported by Mint.
The surge also coincides with “Crypto Week” in the US, as the House of Representatives begins debate on a legislation that could reshape the crypto landscape.
Among the key bills up for discussion are the CLARITY Act, the Anti-CBDC Surveillance State Act, and the Senate’s GENIUS stablecoin package — all part of a Republican-led push to further President Donald Trump’s crypto-friendly agenda.
“Progress on crucial crypto legislation is adding fresh fuel to the rally,” Balani said, pointing to the potential for a clearer regulatory framework.
Analysts also say the market is responding to Bitcoin’s steady climb despite political and economic uncertainty surrounding Trump’s trade policy.
“This shift signals a maturing perspective on Bitcoin — not merely a speculative asset, but a macro hedge and a structurally scarce store of value,” said George Mandres, senior trader at XBTO Trading LLC, in a statement to Bloomberg.
Bitcoin’s surge has also propelled it to the fifth-largest asset by market capitalisation globally, leapfrogging tech giants Amazon and Alphabet (Google), as well as the precious metal silver, according to crypto exchange Coin DCX.
Further bolstering market sentiment, Trump Media & Technology Group has filed for a multi-token Exchange Traded Fund (ETF), with Bitcoin expected to be a core component.
The move comes just months after President Trump ordered the creation of a national crypto strategic reserve, reinforcing his image as a “crypto president” and advocate for digital asset adoption.
“What we find interesting and are watching closely are the signs that bitcoin is now being seen as a long-term reserve asset, not just by retail investors and institutions but even some central banks,” Gracie Lin, Singapore CEO of OKX, told Reuters.
Lin also highlighted a noticeable uptick in interest from Asia-based investors, including family offices and wealth managers.
“These are strong signs of bitcoin's role in the global financial system and the structural shift in how it is perceived, suggesting that this isn't just another hype-driven rally,” she added.
Bitcoin has surged more than 60 per cent since Donald Trump’s re-election in November last year, reported Reuters.
