Bitcoin Hits Another All-Time High at $123,000

Bitcoin rockets to an all-time record high of $123,000 on Monday morning as investors look forward to pro-crypto legislation in the U.S. House of Representatives. This dizzying ascent — from $108,000 a week or so ago — propels Bitcoin as the world's fifth-most valuable asset with a mind-boggling market value of $2.4 trillion, overtaking tech giant Amazon.

CoinMarketCap data indicate that this spike is part of a longer trend that started in late April, when Bitcoin recovered from a brief dip below $75,000. Institutional buying, positive regulation, and strong political backing have all played a part in Bitcoin's spectacular rise since then.

Congress readies for 'Crypto Week'

It is "crypto week" in the nation's capital this week, as lawmakers consider sweeping legislation that would transform the U.S. crypto market in fundamental ways. Already on its way to the House for consideration is a bill to regulate stablecoins. Lawmakers will also consider a more sweeping cryptocurrency market structure bill that would establish categorical regulations for digital assets and exchanges.

This legislative energy follows on the back of rising pressure from President Donald Trump and the cryptocurrency industry. Trump, who was initially an open critic of cryptocurrencies, has mellowed and promised to make America the "global capital of crypto" in his second term. His administration is now actively advocating the use of crypto across the board — from mining and payment systems to the release of stablecoins.

Trump Family's Crypto Venture Spurs Speculation

Adding to the mania, the Trump clan has bet big on the crypto world. From buying billions of dollars' worth of Bitcoin to introducing a Trump-branded meme token, the former president and his entourage are making calculated forays through the digital asset realm. Trump's recent adoption of Bitcoin and other cryptocurrencies has given the asset class an extra dose of legitimacy — especially among conservative investors.

Industry participants point out that Trump's new support will influence fence-sitting legislators, especially when the 2026 electoral cycle begins to take form. "When a political giant like Trump gets on the Bitcoin bandwagon, that blows the whole script out," a Washington, D.C.-based crypto lobbyist said. "It's no longer on the fringe; it's mainstream."

Spot Bitcoin ETFs Fuel Institutional Demand

The other main catalyst for the Bitcoin rally is the success of spot Bitcoin exchange-traded funds (ETFs), which debuted a year ago. The ETFs have made it possible for institutional investors to gain exposure to Bitcoin without the technical hassles of self-custody or the crypto wallet. MicroStrategy and Tesla have continued to buy more Bitcoin using stock offerings and borrowing, doubling down on the wager that Bitcoin is a long-term store of value.

"Bitcoin sets new all-time high as demand is outpacing supply," said Adam Back, CEO of Blockstream. "This represents institutional demand combining with Bitcoin's fundamentals, and a limited supply doing what it was designed to do."

Just 21 million bitcoins will ever be extracted, generating a scarcity-based dynamic that continually contrasts Bitcoin with gold. The argument is that this inherent scarcity makes Bitcoin the perfect inflation hedge and protection against profligate governments.

Crypto Lobby's Washington Strategy Pays Off

Behind the scenes, the crypto sector has become one of Washington's most powerful lobbies. Crypto firms intensified political spending in last year's midterm elections after years of being targeted by the Biden administration and are continuing to spend big on lobbying in 2025.

That strategy is paying off. Both camps now favor more lenient crypto regulations, and the market euphoria is stronger than ever. Bitcoin hits another all-time high as retail, hedge funds, and institutions all flood into the market, hoping this is the beginning of a new era of crypto-friendly policy in America.

Outlook: What's Next for Bitcoin?

With Congress considering historic crypto legislation and supporting Trump's crypto-friendly policies, investors are optimistic. Additional price gains are forecast by analysts in the coming weeks — especially if the legislation being considered in Congress passes both chambers.

With supportive policies, increased institutional exposure through ETFs, and political support at the highest level, Bitcoin hits another all-time high and appears to go even higher in the not-so-distant future.