Bitcoin increases to new historic high
(MENAFN) Bitcoin has reached a new all-time high, surpassing $120,000 and bringing its year-to-date growth close to 30%. As of 08:00 GMT on Monday, CoinDesk reported Bitcoin trading at approximately $122,700.
Analysts credit the surge to increasing institutional investment and recent shifts in US policy under President Donald Trump, who has labeled himself the “crypto president” and pledged to make America the “crypto capital of the world.”
Under Trump’s appointee to lead the SEC, Paul Atkins, the agency has eased its stance on the crypto industry, dropping several lawsuits and approving the first Bitcoin ETFs. These ETFs have attracted over $50 billion in net inflows as of July 10, according to Farside Investors.
Trump also signed an executive order in March to create a US Strategic Bitcoin Reserve, further reinforcing his pro-crypto agenda. States like Arizona and New Hampshire have followed suit by establishing their own Bitcoin reserves.
Some analysts highlight Bitcoin’s inverse correlation with the US dollar, noting that as the Dollar Index (DXY) has dropped nearly 10% this year, Bitcoin’s appeal as a store of value has grown. The dollar’s weakness is partly linked to uncertainty over Trump’s tariffs, with some experts predicting Bitcoin’s price could rise even higher if the trend persists.
The surge comes ahead of “Crypto Week” in the US, during which lawmakers will debate several crypto-related bills. The Genius Act proposes federal standards for dollar-backed stablecoins and frameworks for private digital dollar issuance. Other measures include the CLARITY Act, focused on rules for digital asset storage and security, and the Anti-CBDC Surveillance State Act, aimed at preventing the Federal Reserve from issuing retail central bank digital currencies.
Bitcoin’s rally has also boosted the broader cryptocurrency market. Ether climbed to a five-month high of $3,048 on Monday, and the total crypto market cap has now reached $3.78 trillion, according to CoinMarketCap.
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