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Bitcoin’s price is once again making headlines as the cryptocurrency surged past $120,000 to hit a new all-time high of over $123,000 on the 14th of July. Bitcoin’s price surge comes at the start of “crypto week”, in which the U.S. government will begin to debate several pieces of legislation including the Genius Act, the Digital Asset Market Clarity Act, and the Anti-CBDC Surveillance State Act. The aim is to push digital assets further into mainstream finance, where it has already been adopted in some way or another by numerous financial institutions, including BlackRock, Fidelity, and MicroStrategy. With a clear shift in crypto perception already underway, what’s behind Bitcoin’s price surge? Are we witnessing a new price floor for Bitcoin or is this a speculative run?
In today’s article, we explore why Bitcoin has hit a new all-time high, what it might have to do with crypto week, and what this surge signals for crypto legitimacy.
What is crypto week?
Bitcoin has hit a new all-time high, and many in the industry are attributing this vertical surge to crypto week. Starting on the 14th of July, the U.S. government will discuss and debate a series of digital asset-related bills, namely the Genius Act, the Digital Asset Market Clarity Act, and the Anti-CBDC Surveillance State Act. In fact, the Genius Act, which will enable private companies to issue stablecoins (cryptocurrencies pegged to assets like the U.S. dollar), has already received approval from the U.S. Senate. Next, the Clarity Act aims to create a clear regulatory framework for digital assets, outlining specific responsibilities between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
Finally, the Anti-CBDC Surveillance State Act would prohibit the Federal Reserve from issuing a central bank digital currency. Crypto week has become a strategic and symbolic milestone for the crypto industry in the U.S., where the Trump administration has ushered in a new era of crypto-friendly attitudes and policies that have set the market ablaze with optimism since the Bitcoin Conference 2024. The added anticipation surrounding the three crypto week bills has injected fresh momentum into the crypto space, with many hoping that their passing will be yet another step towards broader institutional adoption and greater stability for Bitcoin and other digital assets.
New all-time highs for BTC price
Bitcoin’s price surge past $123,000 not only marks a new all-time high, but a doubling of BTC price year on year. After steadily climbing over the past week, during which BTC crossed past $113,000 and continued to rally, the market has demonstrated a sustained upward trajectory that has pulled other assets up with it. Ether (ETH), the second largest cryptocurrency by market cap, has surged past $3,059, reaching a five‑month high as traders anticipate spillover benefits from Bitcoin’s rally. Elsewhere in the market, Ripple (XRP) and Solana (SOL) have climbed by 3-4%. According to CoinMarketCap, the sector’s total market value has increased to around $3.81 trillion.
Significant inflows from both institutional and retail investors means that BTC’s market capitalisation has now surpassed that of Amazon, positioning it as one of the world’s top five financial assets. This confidence in Bitcoin shows that it is being taken more seriously than ever before, granting the digital asset a seal of legitimacy that would not have been possible just a few years ago. Bitcoin has now become a core fixture of diversified portfolios, particularly as regulatory frameworks and legislations take shape and macroeconomic uncertainty drives interest into alternative asset classes.
Why are institutions backing Bitcoin?
Institutional demand for Bitcoin has surged due to the growing perception of Bitcoin as a stable, long-term reserve asset and a core component of a diversified portfolio, not a high-risk, speculative addition. Crypto exchange OKX’s Singapore CEO, Gracie Lin, commented that “What we find interesting and are watching closely are the signs that bitcoin is now being seen as a long-term reserve asset, not just by retail investors and institutions but even some central banks. […] These are strong signs of bitcoin’s role in the global financial system and the structural shift in how it is perceived, suggesting that this isn’t just another hype-driven rally” (Reuters).
Good press for Bitcoin generally means good press for the crypto market in general, as seen above. But this goes beyond BTC price as an asset. Growing legitimacy of Bitcoin, and by extension of cryptocurrency, is having a tangible impact on its real-world utility. In the U.S. alone, crypto payment adoption is expected to grow by over 82% between 2024 and 2026 (eMarketer) as crypto users transform their holdings into spending. Popular commercial brands and companies, such as Emirates and Starbucks, have recently adopted crypto payments, allowing their customers to pay for services using a range of digital assets. As such, with momentum already high, crypto week is likely to boost the integration of digital assets into mainstream finance.
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