Bitcoin Hits Historic High of $122,500: What’s Driving This Unstoppable Surge?

Bitcoin crossed the $120,000 mark for the first time on Monday, hitting an all-time high of $122,571.19 before settling around $121,952.61, as optimism over upcoming US crypto regulation bills powered a broad-based rally in digital assets.

Investors are betting on what could be landmark policy wins for the industry, with the US House of Representatives set to debate a series of bills later in the day. Among them are the Genius Act, which would establish federal rules for stablecoins, the Clarity Act, and the Anti-CBDC Surveillance State Act. The week has been dubbed "crypto week" in Washington.

These long-awaited regulatory moves have found an ally in US President Donald Trump, who has embraced the "crypto president" label and urged Congress to overhaul rules in favor of the industry.
"It's riding a number of tailwinds at the moment," said IG analyst Tony Sycamore, citing strong institutional demand, expectations of further gains, and Trump's support. "It’s been a very strong move over the past six or seven days, and it looks like it can easily test $125,000 next."

Bitcoin is now up 29% year-to-date, with the rally spilling over into the broader crypto market. Ether, the second-largest cryptocurrency, climbed to over $3,059—its highest level in more than five months. Other major tokens, including XRP and Solana, added about 3% each.

The total market capitalization of cryptocurrencies has swelled to around $3.81 trillion, according to CoinMarketCap. Gracie Lin, CEO of OKX Singapore, noted that bitcoin is increasingly seen as a "long-term reserve asset," not just by retail and institutional investors but even some central banks. "We're also seeing growing participation from Asia-based family offices and wealth managers, signaling a structural shift in how bitcoin is perceived," she said.

Meanwhile, crypto-related ETFs in Hong Kong surged to record highs on Monday. Spot bitcoin ETFs managed by China AMC, Harvest, and Bosera hit new peaks, while three ether ETFs posted gains of more than 2% each.
 

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