Bitcoin Hits Record $123,153 Amid Regulatory Buzz and Trump Endorsement

Bitcoin surged to an all-time high on Monday, momentarily reaching $123,153 as anticipation built around upcoming U.S. policy shifts that could reshape the future of the cryptocurrency landscape. The rally, which has invigorated broader enthusiasm across the digital asset market, occurred despite persistent uncertainty across global financial systems.

Although Bitcoin later slipped from its peak, trading at $119,745 by 4:25 p.m. GMT, the world’s leading cryptocurrency still notched a 0.5% gain for the day. Its ascent so far this year stands at an impressive 30%, driven largely by surging institutional demand and renewed political support from Washington.

Momentum is building ahead of what Republicans have dubbed “crypto week,” as the U.S. Congress prepares to vote on a slate of bills designed to regulate the digital asset space. Chief among them is the GENIUS Act, a proposed law that would introduce federal standards for stablecoins—cryptocurrencies pegged to fiat currencies like the U.S. dollar.

The political atmosphere surrounding the digital economy has heated up with former President Donald Trump positioning himself as a champion of crypto innovation. Declaring himself the “crypto president,” Trump has urged lawmakers to abandon outdated financial frameworks and embrace digital assets. He and members of his family have made sizable investments in the sector. In January, Trump launched a meme coin and has since thrown his weight behind a venture named World Liberty Financial.

Notably, crypto mogul Justin Sun, a prominent backer of the $TRUMP token, pledged to invest an additional $100 million into the asset last week. Yet, despite the announcement, the token slipped 3.4% on Monday to trade at $9.45, a significant drop from its initial post-launch high of $75.

“It’s riding a number of tailwinds at the moment,” said Tony Sycamore, a market analyst at IG. “It’s been a very, very, strong move over the past six or seven days, and it’s hard to see where it stops now. It looks like it can easily have a look at the $125,000 level.”

Bitcoin's rally was mirrored across the wider cryptocurrency space. Ethereum, the second-largest digital token, hit a five-month high of $3,081.94, though it remains in the red year-to-date. Ripple’s XRP also enjoyed a boost, climbing nearly 5% over the course of the day. The overall market capitalization of digital currencies has now swelled to approximately $3.8 trillion, according to data from CoinMarketCap.

Simon Peters, an analyst at eToro, pointed out that while Bitcoin has reached record highs in U.S. dollars, it hasn’t achieved similar benchmarks in other major currencies like the euro. He attributed the latest price spike partly to dollar weakness.

Equity markets tied to the crypto sector saw gains as well. Shares of Coinbase climbed 1%, bitcoin-holding firm Strategy advanced 2.6%, and mining company Mara Holdings rose 6.3%. In Asia, spot Bitcoin ETFs listed in Hong Kong by China AMC, Harvest, and Bosera all reached record highs.

“Developments around these pieces of crypto legislation could provide a further tailwind to the current rally. We wait to see,” added Peters.

By fLEXI tEAM