Bitcoin Hits New All-Time High at 122k as ‘Crypto Week’ Kicks Off

Bitcoin reached a new all-time high in the early hours of Monday trading, crossing the $122,000 mark!

The price climbed as high as $122,500 on Coinbase. According to CoinGecko data, the value settled at $122,376.

The latest jump marks a 3.5% daily increase and continues the upward trend that started last week, when Bitcoin broke past $118,000 for the first time.

That move was seen as the beginning of a new price discovery phase, where the market explores how high the asset can go without historical benchmarks.

Key Crypto Legislation

The rally comes at the same time as what US lawmakers have called ‘Crypto Week’.

From 14 to 18 July, the House of Representatives will be discussing several key bills aimed at shaping the regulatory landscape for the crypto sector.

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Three major proposals are on the agenda as reported by multiple media: the GENIUS Act, which introduces a framework for stablecoins; the CLARITY Act, which seeks to define a clearer legal structure for crypto assets; and the Anti-CBDC Surveillance State Act, which would restrict the adoption of central bank digital currencies (CBDCs), often criticised for enabling state surveillance.

Speculation has also emerged that the US government could be considering the creation of strategic Bitcoin reserves - a move that would mark a major turning point in the history of monetary policy.

Trump’s Fiscal Plan Fuelling Momentum

Another factor possibly pushing the price up is Donald Trump’s proposed economic stimulus, informally named the One Big Beautiful Bill (BBB). The plan aims to boost the economy, likely expanding the federal deficit but also prompting investors to hedge their positions by turning to assets like Bitcoin.

“BBB signals looser monetary policy, which tends to benefit crypto,” wrote Nick Forster, founder of trading platform Derive, in a note to investors.

With a market capitalisation now above $2.4 trillion, Bitcoin has overtaken Amazon in size, noted analyst Joe Consorti.

Fellow analyst Willy Woo pointed out that while the previous surge was driven by liquidations, sentiment now appears to be shifting into full bullish mode, with renewed optimism supporting continued growth.

“Bitcoin is the only technology that can solve the universal problem of currency devaluation faced by billions of people,” added prominent crypto investor Anthony Pompliano.

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Real-World Asset Tokenisation Leading the Day

According to CoinGecko, the fastest-growing sector of the day was real-world asset (RWA) tokenisation, up 13%, outperforming meme tokens and AI-related crypto.

Notable movers included Chainlink, Avalanche, Ondo Finance and Algorand, all showing stronger performance than the broader market.

Ethereum, the second-largest cryptocurrency by market cap, didn’t follow Bitcoin’s rally at the same pace, but still managed to hit its highest level since February, rising to $3,050.

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