Bitcoin hits a record high amid hopes for US crypto regulation. Is Trump's 'crypto president' stance and 'crypto week' in Congress the key to this surge?

Bitcoin's wild ride continues, smashing past $120,000! The surge is fueled by growing anticipation of favorable US crypto policies. Is this just the beginning, or is a correction on the horizon?
Bitcoin's Record High: A Perfect Storm
Bitcoin recently touched $123,153, marking a new all-time high. This rally comes as the US House of Representatives gears up for "Crypto Week," with a series of crypto-related bills on the table. The hope? To finally establish a clear regulatory framework for the digital asset industry.
Trump's Crypto Embrace
Former President Donald Trump, who has dubbed himself the "crypto president", has been a vocal supporter of the industry. His call for revamped rules and his family's foray into cryptocurrencies, including meme coins, have added fuel to the fire. While the $TRUMP coin has seen volatility, Trump's overall stance is perceived as a major win for the crypto world.
"Crypto Week" in Congress: What's on the Table?
U.S. Republicans have declared the week of July 14 "Crypto Week," and Congress is set to vote on the Genius Act, the Clarity Act, and the Anti-CBDC Surveillance State Act. The Genius Act, which focuses on federal rules for stablecoins, is particularly significant.
Beyond Bitcoin: A Rising Tide
Bitcoin's rise has lifted other cryptocurrencies, too. Ether hit a five-month high, and XRP also saw gains. The total market value of digital assets has swelled to a staggering $3.8 trillion. Even crypto stocks and ETFs are riding the wave.
A Word of Caution?
While the momentum is strong, some analysts are urging caution. CryptoQuant's on-chain data suggests that the recent peak was followed by a significant increase in Bitcoin inflows to centralized exchanges, hinting at potential profit-taking. Also, eToro's Simon Peters pointed out that Bitcoin hasn't hit record highs in all currencies, suggesting that dollar weakness may be a factor.
Looking Ahead
Will Bitcoin continue its climb, or is a correction imminent? The answer likely depends on developments in Washington. Clear, favorable US regulations could pave the way for further growth. But for now, buckle up and enjoy the ride!
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