Bitcoin has shattered its previous records, climbing above $118,000 on Thursday and briefly crossing the $119,000 mark on Friday. The world’s most valuable cryptocurrency eventually settled at $118,780, marking a historic surge.
The rally comes as global markets face volatility due to rising trade tensions and a wave of new legislation in the United States aimed at reshaping the crypto landscape.
Bitcoin Surges as Stock Markets Tumble
The Bitcoin price jump coincides with a drop in global stock markets, sparked by President Donald Trump’s tariff letters to more than 20 countries. These tensions have made investors look to crypto as a hedge.
The surge also ends a two-month lull in the broader crypto market. Ethereum (Ether) followed Bitcoin’s lead, climbing above $3,000 for the first time since February.
Regulatory Momentum Boosts Market Confidence
Bitcoin’s record-breaking rise comes just before Crypto Week, when U.S. lawmakers will review three major crypto bills in Congress, potentially signaling a new era of regulation and acceptance.
- The GENIUS Act: Allows private companies to issue stablecoins. Former President Donald Trump has publicly supported the bill, and it has already passed in the Senate.
- Digital Asset Market Clarity Act: Aims to define how cryptocurrencies will be regulated.
- CBDC Anti-Surveillance State Act: Would block the Federal Reserve from issuing a central bank digital currency (CBDC).
These bills, introduced following Trump’s return to office, suggest a pro-crypto shift in U.S. policy after years of unclear or hostile regulation.
“We expect the capital that was previously sidelined due to regulatory uncertainty to re-enter. Even if final passage stalls, the optics of legislative engagement are bullish,” said Jag Kooner of Bitfinex.
Bitcoin Option Traders Target $150,000
With new legislation and institutional interest gaining momentum, option traders are now betting on Bitcoin reaching $150,000 in the near future. This optimism reflects growing confidence in the crypto market as regulation becomes clearer.
Experts believe that a combination of macroeconomic instability, regulatory clarity, and renewed mainstream interest is fueling the bull run.
Key Takeaways
- Bitcoin price hits $119,000, setting a new all-time high.
- Surge follows Trump’s tariff tensions and upcoming crypto legislation.
- Congress to consider 3 major crypto-related bills during Crypto Week.
- Option traders eye $150,000 Bitcoin target.
- Ethereum also sees gains, crossing $3,000.
