Bitcoin Breaks $120,000 as U.S. Lawmakers Prepare Pro-Crypto Legislation

Bitcoin surged to a new all-time high of $122,000 on Monday, fueled by growing optimism around U.S. legislation aimed at positioning the country as a global hub for cryptocurrency innovation, as The Financial Times reports.

The price jump comes just as the U.S. Congress begins «Crypto Week», during which lawmakers in the Republican-controlled House of Representatives are set to debate a trio of bills that could reshape the digital asset landscape:

• The Genius Act (supporting stablecoin issuance by private firms)
• The Digital Asset Market Clarity Act (clarifying oversight responsibilities between U.S. regulators)
• The Anti-CBDC Surveillance State Act (blocking the Federal Reserve from launching a digital dollar)

Analysts say the anticipated passage of these bills offers long-awaited regulatory clarity, attracting both institutional investors and crypto startups. «For capital allocators, what’s most attractive is having some semblance of clarity,» said Tim Chen, head of strategy at financial services firm Mantle.

The momentum behind Bitcoin follows a sharp rebound from the lows of late 2022, when the collapse of FTX saw the cryptocurrency sink to $16,000. Since then, industry sentiment has rebounded, aided by Donald Trump’s pro-crypto policy agenda and supportive appointments within his administration.

Industry experts suggest the current rally may continue, especially as more public companies add Bitcoin to their balance sheets, viewing it as both a hedge and a branding advantage.

Kursiv Uzbekistan also reports that Uzbekistan’s national payment system HUMO has launched a pilot digital token.