What Is Crypto Week in the US — And Why Has Bitcoin Hit a New All-Time High?

Bitcoin has hit a historic milestone, crossing the $120,000 mark for the first time ever, ahead of what’s being called “Crypto Week” in the United States — a pivotal moment for the digital asset industry.

Starting July 14, the US House of Representatives is set to debate three significant bills aimed at establishing a clearer and more supportive regulatory framework for cryptocurrencies. These developments have energized investor confidence, pushing Bitcoin to a new peak of $122,055, and sparking gains across the broader crypto market, including Ether, which reached a five-month high of $3,048.20.

The total value of the global crypto market has now surged to approximately $3.8 trillion, as per CoinMarketCap data.

What is Crypto Week?

“Crypto Week” refers to a series of legislative actions in the US where lawmakers will deliberate over three major bills:

1. The GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins)
   Aims to distinguish clearly whether digital assets are securities or commodities, bringing much-needed clarity for startups and token issuers.
2. The Clarity Act
   Seeks to limit federal agencies from expanding their authority through court rulings, ensuring that only Congress sets rules for digital asset classification and oversight.
3. The Anti-CBDC Surveillance State Act
   Proposes banning the Federal Reserve from creating a central bank digital currency (CBDC), citing privacy concerns and fears of potential financial surveillance.

These legislative efforts mark a dramatic shift from the previous administration’s tougher stance on crypto regulation and enforcement, and are expected to remove barriers that have previously kept institutional investors on the sidelines.

Why Is Bitcoin Rallying?

The anticipation of a more business-friendly environment has fueled optimism among crypto traders. Since the beginning of the year, Bitcoin has gained 29%, bolstered by the expectation of more favorable rules and institutional re-entry.

Donald Trump, now in his second term as President, has taken a markedly different stance from his predecessor, openly supporting the crypto sector. His administration has called for regulatory reforms and greater freedom for innovation, moving away from the lawsuit-heavy approach of the SEC during the Biden era.

What Do Critics Say?

While the bills have gained momentum, not everyone is on board. Democratic Senator Elizabeth Warren has expressed concern, arguing that the legislation could undermine long-standing securities laws and provide an unfair advantage to crypto firms. She has also pushed for stronger anti-money laundering controls and called for a ban on public officials profiting from digital tokens.

Warren warned that without proper oversight, the crypto sector could become a channel for illicit activity and pose risks to the broader financial system.

Trump’s Evolving Role in Crypto

Interestingly, Trump—who was once skeptical of cryptocurrencies—has emerged as a vocal supporter. He made headlines during his 2024 campaign as the first major US presidential candidate to accept crypto donations.

Following his re-election, Trump proposed establishing a national crypto reserve and has supported crypto-backed ventures through his business empire. He and his family have launched a number of meme coins, and he’s reportedly earned $57 million through ventures like World Liberty Financial.

His company has also submitted a proposal to launch a “Crypto Blue-Chip ETF”, featuring Bitcoin and other top digital assets.

How Has Bitcoin Performed Under Trump?

Since Trump’s victory in November 2024, Bitcoin has climbed by 75%, jumping from around $69,500 to over $122,000. Despite a brief drop below $90,000 earlier this year due to global trade tensions and tariff uncertainty, prices rebounded following Trump’s pro-crypto announcements.

Analysts suggest that while Bitcoin’s surge has been partly influenced by traditional macroeconomic factors and geopolitical instability, the growing institutional support and clearer regulation outlook have played a crucial role.

According to Citibank, Bitcoin’s resilience this year demonstrates its evolving role as both a digital asset and a macro-hedge.

As the US heads into “Crypto Week,” the world will be watching closely. With legislation that could reshape the regulatory landscape and growing mainstream support, this could mark a defining chapter for the future of digital finance.