Bitcoin, the world’s first and largest cryptocurrency, which began trading in January 2009 with a valuation of $0.004, has now reached an all-time high of over $123,000. The last time Bitcoin went on this sort of bull run was in the aftermath of the United States general election in November 2024, when it climbed above $87,000.

This surge sparked gains across other cryptocurrencies, with Ether, the world’s second-largest token, rising by 1%, and Solana climbing 2%. This momentum comes as Crypto Week kicked off on Monday, July 14, during which the US House of Representatives is set to debate three key bills aimed at reducing the regulatory hurdles that have long stifled the crypto market, particularly during the Joe Biden administration.

The bills under discussion include the GENIUS Act, which aims to stabilise and formalise a federal framework for stablecoins, a type of cryptocurrency whose value is pegged to a stable asset like the US Dollar. 

Others include the Clarity Act, which seeks to define cryptocurrencies as commodities rather than securities, potentially easing restrictions for platforms and investors. There is also the Anti-CBDC Surveillance State Act, which focuses on prohibiting the Federal Reserve from issuing its own central bank digital currency (CBDC) in order to guarantee the safety and privacy of users from surveillance and misuse.

All these developments are partly inspired by former President Donald Trump’s call for policymakers to revamp existing regulations, easing the slew of lawsuits and hostility that the Garry Gensler-led Securities and Exchange Commission (SEC) directed toward the broader digital currency industry.

The second coming of Donald Trump as United States president always meant the cryptocurrency world was in for an entirely different ride from anything that came before. The US 47th president, who was once a crypto skeptic, leaned into crypto during his re-election bid, making history as the first major-party candidate to accept campaign donations in cryptocurrency. His campaign promises included turning the US into a crypto-friendly nation, positioning it as “the crypto capital of the world,” and establishing a national cryptocurrency reserve.

The Republican’s family remained consistent with the theme by launching meme coins, including the $TRUMP and $Melania coin before and after his inauguration on January 20. His earlier administrative actions have also been a pointer to this, as he nominated crypto advocate Paul Atkins as SEC chair. Atkins’ subsequent appointment has been crucial to restoring investors’ trust following the Gensler era.