An amalgamation of factors, including positive market sentiment surrounding the United States (US) House's "#CryptoWeek ," a supportive regulatory environment, increased institutional adoption, geopolitical and tariff uncertainty, de-dollarization campaigns and key technological advancements catalysed $BTC price rally to new all-time highs of $123,218, according to a report by Deutsche Bank Research.
The buzz around the US House's "Crypto Week," which could see lawmakers potentially pass three key crypto regulations, including the GENIUS Act, helped buoy crypto prices, even advancing Bitcoin to historical highs.
However, the House voted 196–222 against advancing the bill on Tuesday, temporarily delaying progress on the broader crypto legislative package.
US President Donald Trump announced on Wednesday that he had struck a deal with 11 House Representatives to remove the bottleneck on the crypto bills.
With the White House's 'Crypto Week' starting yesterday, and the House set to advance the landmark #GENIUSAct bill to regulate stablecoins this week, we expect momentum for $BTC and the broader crypto industry to continue into the second half," Deutsche Bank Research said in the report.