Cryptocurrency Bitcoin Hits Record High of $120,000

The US Congress is gearing up for a significant week in the world of cryptocurrency, with key bills such as the CLARITY Act and the GENIUS Act set to be debated during Crypto Week.

This week, the US House of Representatives will discuss a series of bills aimed at establishing a comprehensive regulatory framework for the digital asset industry. The CLARITY Act, introduced by Senator Tim Scott, seeks to provide a clear regulatory framework for the cryptocurrency market by categorising non-stable digital assets as commodities regulated by the Commodity Futures Trading Commission (CFTC). This could offer legal clarity and pave the way for a new wave of programmable finance, particularly benefiting the Bitcoin market with more stable, predictable regulation.

The Bitcoin market has been on a remarkable run, with the digital currency breaking its previous all-time high, surpassing $120,000 on Monday morning. This surge in Bitcoin's value coincides with Crypto Week in Washington, signalling deep institutional conviction towards the digital asset.

The rally in Bitcoin is driven by relentless institutional demand, with over 6% of the entire Bitcoin market cap now sitting in Exchange-Traded Funds (ETFs). This is a move long sought by the digital asset sector, and it's worth noting that ETF inflows have surged past $1 billion per day. Total assets under management in Bitcoin ETFs have crossed $150 billion, a testament to the growing interest in Bitcoin from institutional investors.

The industry's calls for regulatory reform have found a strong ally in US President Donald Trump. Trump has dubbed himself the "crypto president" and has been pushing for policy reforms to bolster the sector. The bipartisan support for the CLARITY Act in the U.S. House of Representatives and pending Senate discussions suggest that the digital asset market could be on the cusp of a significant regulatory shift.

In conclusion, Crypto Week in Washington is shaping up to be a pivotal moment for the digital asset industry. With key bills being debated, the potential for regulatory reform, and Bitcoin's record-breaking rally, it's an exciting time for cryptocurrency enthusiasts and investors alike.