The Bitcoin (BTC/USD) price reached a new all-time high by surpassing $118,000 on Friday, continuing an exceptional week for the cryptocurrency. Bitcoin was traded at $118,111, up 6.3% over the past 24 hours, after peaking at $118,740 earlier in the session.
This upward surge is supported by expectations of a Federal Reserve interest rate cut in September, inflows into spot cryptocurrency ETFs, as well as a more favorable regulatory environment.
According to Dileen Wu, a strategic expert at Pepperstone, it is only a matter of time before Bitcoin surpasses the $120,000 mark, especially in the lead-up to Congress's review of several legislative proposals regarding digital assets.
The House of Representatives is set to consider three key pieces of legislation:
The CLARITY Act, which aims to establish a clear regulatory framework for digital currencies,
The Genius Stablecoin Bill, which regulates tokens backed by fiat currencies like the dollar,
And the Anti-State Surveillance Law for Central Bank Digital Currency, designed to prevent the Federal Reserve from issuing a central bank digital currency (CBDC) for retail customers.