{"id":34218,"date":"2025-07-14T06:32:34","date_gmt":"2025-07-14T06:32:34","guid":{"rendered":"https:\/\/financialrush.com\/?p=34218"},"modified":"2025-07-14T06:32:34","modified_gmt":"2025-07-14T06:32:34","slug":"bitcoin-passes-120000-milestone-as-us-congress-readies-for-crypto-week","status":"publish","type":"post","link":"https:\/\/financialrush.com\/?p=34218","title":{"rendered":"Bitcoin passes $120,000 milestone as US Congress readies for \u2018crypto week\u2019"},"content":{"rendered":"<p> \n<\/p>\n<div>\n<p>Unlock the Editor\u2019s Digest for free<\/p>\n<p class=\"article__content-sign-up-topic-description o3-type-body-base\"><span>Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.<\/span><\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=1d4c5942-7190-45e1-9167-a5eacfd93982\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>Bitcoin passed a record milestone of $120,000 per token on Monday as US lawmakers prepared to consider a number of bills aimed at creating clearer regulatory frameworks for digital assets.<\/p>\n<p>The world\u2019s largest cryptocurrency climbed 2.5 per cent to trade at a new high of around $122,105 per token and has risen more than 10 per cent in the past seven days. It surged <a href=\"https:\/\/www.ft.com\/content\/f8db431e-57f9-4b43-8873-263101d070a5\" data-trackable=\"link\">above $100,000<\/a> for the first time in December.<\/p>\n<p>The US Congress is preparing for what the House of Representatives has dubbed \u201ccrypto week\u201d, aimed at making \u201cAmerica the crypto capital of the world\u201d.<\/p>\n<p>\u201cFor capital allocators, what\u2019s most attractive is having some semblance of clarity,\u201d said Tim Chen, global head of strategy at financial services firm Mantle. <\/p>\n<p>In the next five days, US lawmakers will consider the Genius Act, the Digital Asset Market Clarity Act, and the Anti-CBDC Surveillance State Act.<\/p>\n<p>\u201cWe are advancing landmark legislation to establish a clear regulatory framework for digital assets,\u201d said French Hill, chair of the House Committee on Financial Services, earlier this month. <\/p>\n<p>President Trump\u2019s \u201cbig beautiful bill\u201d becoming law has contributed to the rally in bitcoin. \u201cThe passage has been interpreted by many market participants as a green light to buy everything. You see that across multiple asset classes,\u201d said Le Shi, head of trading at Auros, a digital-focused market-making firm.<\/p>\n<p>The US Senate has already approved the Genius Act, a bill that enables private companies to issue stablecoins, and its passage is expected to drive demand for short-term US government debt at a time of <a href=\"https:\/\/www.ft.com\/content\/a07d5a72-2691-4da5-aee0-4af5136f737e\" data-trackable=\"link\">mounting pressure on longer-dated debt<\/a> in global bond markets. <\/p>\n<p>The Anti-CBDC Surveillance State Act would prohibit the Federal Reserve from issuing a central bank digital currency. <\/p>\n<p>The Clarity Act would establish a regulatory framework for digital assets that will \u201cestablish clear lines\u201d between the Securities and Exchange Commission and the Commodity Futures Trading Commission for regulating digital assets. <\/p>\n<p>The rally in bitcoin comes as companies around the world buy the cryptocurrency for their <a href=\"https:\/\/www.ft.com\/content\/394b3a87-bf5e-45dc-8f39-565e89f1fe47\" data-trackable=\"link\">corporate treasuries<\/a>, even if they are in industries unrelated to digital assets. <\/p>\n<p>\u201cThis 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,\u201d said Darius Sit, founder of digital asset market maker QCP.<\/p>\n<p>Greater regulatory clarity will only increase the trend and \u201cusher in a wave of capital and founders\u201d, said Mantle\u2019s Chen. \u201cIt means the US is open for business.\u201d <\/p>\n<\/div>\n\n<br \/><a href=\"https:\/\/www.ft.com\/content\/1d4c5942-7190-45e1-9167-a5eacfd93982\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Unlock the Editor\u2019s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this&hellip;\n","protected":false},"author":5,"featured_media":34219,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[],"class_list":["post-34218","post","type-post","status-publish","format-standard","has-post-thumbnail","category-us","cs-entry","cs-video-wrap"],"_links":{"self":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts\/34218","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=34218"}],"version-history":[{"count":0,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts\/34218\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/media\/34219"}],"wp:attachment":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=34218"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=34218"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=34218"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}