Bitcoin Hits All-Time High as Crypto Legislation Votes Near

Bitcoin briefly surpassed $118,000 and it rose as high as $118,872.85, CNBC reported Friday.

At the time of that report, bitcoin was on track to gain 10% for the week and have its best week since April 25.

The bitcoin rally began Wednesday (July 9), driven by a Federal Reserve meeting that revealed a disagreement about how much to cut interest rates, a surge in tech stocks and an expectation that the One Big Beautiful Bill Act will increase the federal deficit, according to the CNBC report.

This was supported by investors’ existing expectations that bitcoin would see new record highs in the second half due to corporate treasuries accelerating their purchases of bitcoin as well as Congress making progress on crypto legislation, the report said.

Reuters reported Friday that not only bitcoin but also U.S.-listed crypto stocks were being lifted by investors’ bets that crypto will enjoy policy wins in Congress in the coming week.

Next week has been dubbed “crypto week” because Congress is set to vote on three bills that would provide the regulatory framework the digital asset industry has long sought: the GENIUS Act, the CLARITY Act and the Anti-CBDC Surveillance State Act, the report said.

In this environment, bitcoin, related exchange-traded funds (ETFs), bitcoin buyers and holders, crypto miners and other cryptocurrencies have seen their value rise, per the report.

When the GENIUS Act moved one step closer to being signed into law with its passage in the Senate on June 17, Senate Banking Committee Chairman Tim Scott, R-S.C., said in a statement that this stablecoin bill will bring “clarity to a sector that’s been clouded by uncertainty.”

The CLARITY Act, which was advanced by two House committees on June 10, aims to establish a regulatory framework for digital assets in the U.S. House Financial Services Committee Chairman French Hill, R-Ark., said this bill provides Congress with an opportunity “to provide the clear regulatory framework needed to unlock this innovation.”