Crypto Market Recap: Bitcoin Hits Record as Congress Considers Regulatory and Market Structure Frameworks
By Giann Liguid and Meagen Seatter – July 14, 2025, 1:05 PM PST
Bitcoin surged to a new all-time high of over US$123,000 on Monday, buoyed by strong institutional demand and heightened investor optimism ahead of significant upcoming regulatory decisions in the United States Congress. The rally underscores Bitcoin’s growing role as a macroeconomic asset and comes amidst key legislative debates that could shape the future regulatory landscape of digital currencies.
Bitcoin Surges Past $123,000
As of Monday evening (9:00 p.m. UTC), Bitcoin (BTC) was trading near US$119,855, marking a 0.6% rise within the last 24 hours and briefly surpassing $123,000 during the day. The cryptocurrency’s daily price ranged between US$119,417 and US$121,191, propelled by significant institutional inflows and more than US$2.7 billion flowing into spot Bitcoin exchange-traded funds (ETFs).
Market analysts attribute Bitcoin’s strength to robust participation from institutional investors and family offices, particularly in Asia, as well as confidence in Bitcoin’s utility as a hedge against inflation and financial uncertainty. Markus Thielen, Head of Research at 10x, suggested that Bitcoin’s narrative has shifted away from its technological aspects to its status as a macro asset shield against deficit spending in the U.S.
Ethereum (ETH) also followed the positive trend, hovering near US$3,000 with a minor increase of 0.1%, alongside other altcoins like Solana (SOL) and XRP, which rose approximately 3%. However, Cardano bucked the trend, sliding by 1.8% to close near US$0.73. The broader cryptocurrency market maintained a global capitalization of approximately US$3.81 trillion, with analysts noting this might signal a structural shift whereby Bitcoin is increasingly viewed as a reserve asset by institutions and some central banks.
Crypto Stocks and Market Activity
The bullishness in the crypto markets was mirrored in related stock performances. Shares of Coinbase and Robinhood hit record highs on Monday, while Circle’s stock surged over 500% since its initial public offering (IPO).
Popular market commentator Daan Crypto Trades highlighted two critical Bitcoin price zones to watch in the near-term: the US$115,500–US$116,500 level and the $120,000+ range, which are tied to liquidation events and market sentiment.
Congressional Crypto Week: Regulatory Developments on the Horizon
Monday’s price rally coincided with the kickoff of a pivotal “Crypto Week” in the U.S. House of Representatives. Lawmakers are set to vote on three key cryptocurrency-related bills this week:
- The GENIUS Act: Aims to establish a federal regulatory framework for stablecoins, creating clearer rules for issuers.
- The CLARITY Act: Seeks to define jurisdictional boundaries between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) regarding digital assets.
- Anti-CBDC Surveillance State Act: Proposes banning the Federal Reserve from issuing a Central Bank Digital Currency (CBDC).
White House crypto adviser Bo Hines expressed confidence that the GENIUS Act would pass the House without amendments and move expeditiously to the President’s desk. However, opposition has been vocal, particularly from Democratic lawmakers like Maxine Waters, Ranking Member of the House Financial Services Committee, and Stephen Lynch, Ranking Member of the Digital Assets Subcommittee. They have criticized the legislation as overly favorable to the crypto industry and risky for consumers and investors.
Waters recently introduced alternative proposals emphasizing greater oversight and tighter restrictions on crypto promotion by officials, signaling a sharply divided Congress on crypto policy.
Other Notable Industry Moves
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OKX Joins Global Dollar Network: The crypto exchange OKX has joined the Global Dollar Network, a consortium focused on promoting regulated, US dollar-backed stablecoins. This network includes notable partners such as Robinhood, Kraken, Anchorage Digital, and Standard Chartered, leveraging regulatory clarity and compliance to foster broader adoption.
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Bitcoin ETF Inflows Hit Record Levels: Bitcoin spot ETFs welcomed over US$1 billion of institutional investments on Thursday alone. BlackRock’s IBIT ETF led this inflow surge, becoming the fastest ETF to surpass US$80 billion in assets under management. Since January 2025, Bitcoin spot ETFs have cumulatively attracted US$22.7 billion, predominantly through U.S.-listed funds.
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Grayscale Confidentially Files for IPO: On Monday, Grayscale announced a confidential filing with the U.S. Securities and Exchange Commission (SEC) for an initial public offering, signaling growing institutional interest in crypto-native firms entering public markets.
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Bhutan Capitalizes on Bitcoin Rally: Bhutan’s sovereign wealth fund, Druk Holding & Investments, capitalizing on the Bitcoin price surge, sold over US$59 million worth of Bitcoin recently while retaining a substantial holding totaling more than 11,400 BTC, now valued above US$1.4 billion. The country’s clean-energy powered mining operations emphasize sustainable crypto practices aligned with national policy goals.
Outlook
With Congress about to take critical votes on crypto regulation and institutional interest near all-time highs, the digital asset space is facing what many analysts say could be a historic moment. The potential passage of the GENIUS Act and other legislation could provide much-needed clarity and foster mainstream adoption, while skepticism and political disagreements suggest challenges remain.
Market observers will be closely monitoring legislative developments and institutional flows, which appear to be the dominant forces shaping cryptocurrency prices and investor sentiment as the year unfolds.
Stay connected for real-time updates on cryptocurrency markets and regulatory news by following @INN_Technology.
Disclaimer: The authors, Giann Liguid and Meagen Seatter, hold no direct investment interest in any companies mentioned in this article.