Bitcoin price today: gains to $120k, near record high on U.S. regulatory cheer
Investing.com-- Bitcoin inched higher in Asian trade on Monday, climbing above $119,000, but investor sentiment remained cautious despite optimism following a series of U.S. legislative actions aimed at regulating the cryptocurrency sector.
The world’s largest cryptocurrency last traded 0.7% higher at $119,080 as of 09:55 ET (13:55 GMT).
The token surged to record highs above $123,000 last week, but has since pulled back below $120,000 and is now trading in a consolidation phase near that level.
Crypto legislation advances in U.S., but investors remain cautious
Last week, President Donald Trump signed into law the U.S. GENIUS Act, establishing a federal regulatory framework for stablecoins.
The law mandates stablecoin issuers to maintain reserves in liquid assets, including dollars or Treasuries, and to provide monthly disclosures.
The move is seen as a major step toward legitimizing stablecoins, a sector currently valued at more than $260 billion, and integrating them more fully into the financial system.
In addition to the GENIUS Act, the House of Representatives passed two other key bills.
The CLARITY Act aims to define whether digital tokens fall under the jurisdiction of the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC).
The second, the Anti-CBDC Surveillance State Act, prohibits the Federal Reserve from issuing a central bank digital currency without explicit approval from Congress.
The three bills signaled a unified push during “crypto week” to reshape U.S. crypto regulation.
Despite the legislative momentum, investors remain cautious. The GENIUS Act requires extensive rule-making by the Treasury Department before it can be fully implemented, a process that could take many months.
Additionally, the Senate has yet to take up the two House-passed bills, leaving the broader regulatory outlook uncertain.
Strategy’s Bitcoin stack hits 607K BTC after new purchase
Strategy disclosed it purchased 6,220 Bitcoin between July 14 and 20 for $739.8 million in cash, paying an average of $118,940 per coin. The acquisition, detailed in a Form 8-K filing, was partially funded through at-the-market sales of its Class A stock and three series of perpetual preferred shares.
With this latest buy, the company now holds 607,770 BTC acquired for roughly $43.61 billion, bringing its average cost to $71,756 per coin. As of July 21, that position implies unrealized gains of about $28.1 billion. Strategy remains the largest publicly listed holder of Bitcoin.
Crypto price today: altcoins extend gains, XRP near record highs
Most altcoins extended gains on Monday, building on last week’s rally fueled by broad optimism surrounding “crypto week” and U.S. legislative momentum.
World no.2 crypto Ether rose 2% to $3,817.42, its highest level in more than seven months.
World no. 3 crypto XRP gained 1.4% to $3.56. It reached a record high of $3.67 last week.
Solana jumped 5.5%, and Cardano added 7.2%, while Polygon jumped 3.8%.
Among meme tokens, Dogecoin surged 8%, while $TRUMP soared nearly 10%.
(Additional reporting by Vahid Karaahmetovic.)