Bitcoin Soars To Record While Washington Considers Crypto Bills

Bitcoin surged to a new all-time high early this week as lawmakers prepare to advance legislation aimed at structuring the U.S. crypto sector, Elsa Ohlen reported for Barron’s Daily.

This week has been dubbed “Crypto Week” as the House of Representatives takes up three major bills.

The world’s largest cryptocurrency topped $120,000 for the first time after already breaking records recently.

The rally has been driven by expectations of a Federal Reserve rate cut later this year, strong inflows into spot Bitcoin ETFs, and growing momentum behind crypto-friendly regulations.

This week has been dubbed “Crypto Week” as the House of Representatives takes up three major bills: the CLARITY Act, the Anti-CBDC Surveillance State Act, and the Senate’s GENIUS Act—all intended to provide clarity and bolster the industry’s U.S. foothold.

“Historically, when lawmakers advance industry-backed frameworks, institutional sentiment strengthens,” said Dilin Wu of Pepperstone.

“We expect capital that was previously sidelined due to regulatory uncertainty to re-enter.” However, cryptos remain highly volatile, and analysts warned investors not to rule out sharp pullbacks.

The crypto fear and greed index is at 70—close to the “overheated” threshold of 100—signaling a possible correction, according to Shivam Thakral, CEO of digital asset exchange BuyUcoin.