Bitcoin crosses $120,000 for the first time

It is said that Bitcoin reached a record high of $122,571.19, then fell to $121,952.61, which is 2.4% higher than the previous figure.

On the same day, the US House of Representatives is set to debate a series of bills aimed at providing the digital asset industry with the national regulatory framework it has long needed.

These demands are supported by US President Donald Trump, who has called himself a "crypto president" and called on politicians to review regulations in favor of the industry.

IG market analyst Tony Sycamore believes that the cryptocurrency's price rise is due to strong institutional demand, expectations of further growth, and support from Trump.

"There's been a very, very strong rally over the last six or seven days, and it's hard to see where it's going to stop. It looks like it could easily reach $125,000," he said.

Bitcoin's rise in value, which has risen 29% since the beginning of the year, has led to broader gains in other cryptocurrencies over the past few sessions, even despite Trump's chaotic tariffs, the publication writes.

On July 11, the Bitcoin exchange rate rose to an all-time high, a result of active interest from large institutional investors and the favorable crypto policy of the US President Donald Trump administration.