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Bitcoin hits record, buoyed by potential US regulatory

framework

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US to debate bills, Trump supports industry-friendly

policies

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Crypto market value hits $3.81 trillion; digital assets

rally

(Updates prices, adds U.S. pre market shares)

By Rae Wee

SINGAPORE, July 14 (Reuters) - Bitcoin surpassed

$120,000 for the first time on Monday, marking a milestone for

the world's largest cryptocurrency as investors bet on

long-sought policy wins for the industry this week.

Bitcoin scaled a record high of $123,153.22 before

pulling back slightly to trade 2.4% higher around $122,000.

Later in the day, the U.S. House of Representatives will

debate a series of bills to provide the digital asset industry

with the nation's regulatory framework it has long demanded.

Those demands have resonated with U.S. President Donald

Trump, who has called himself the "crypto president" and urged

policymakers to revamp rules in favour of the industry.

"It's riding a number of tailwinds at the moment," said IG

market analyst Tony Sycamore, citing strong institutional

demand, expectations of further gains and support from Trump as

reasons for the bullishness.

"It's been a very, very, strong move over the past six or

seven days and it's hard to see where it stops now. It looks

like it can easily have a look at the $125,000 level," he said.

The surge in bitcoin, which is up 30% so far this year, has

sparked a broader rally across other cryptocurrencies over the

past few sessions even in the face of Trump's chaotic tariff

policies.

Ether, the second-largest token, scaled a more than

five-month peak of $3,059.60, while XRP and Solana gained about

3% each.

The sector's total market value has swelled to about $3.81

trillion, according to data from CoinMarketCap.

"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," said Gracie Lin, crypto exchange OKX's

Singapore CEO.

"We're also seeing increasing participation from Asia-based

investors, including family offices and wealth managers. 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," Lin

said.

Earlier this month, Washington declared the week of July 14

as "crypto week," during which members of Congress are set to

vote on the Genius Act, the Clarity Act, and the Anti-CBDC

Surveillance State Act.

The most significant bill is the Genius Act, which would

create federal rules for stablecoins.

Elsewhere, prices of crypto stocks and exchange traded funds

advanced.

In U.S. premarket trading, shares of crypto exchange

Coinbase surged 1.7%, while bitcoin holder Strategy

climbed 3.3%. Crypto miner Mara Holdings ( MARA )

jumped 4.6%.

Hong Kong listed spot bitcoin ETFs launched by China AMC

, Harvest and Bosera all hit record

highs.