FX.co ★ Bitcoin Climbs To Record Levels

Bitcoin climbed above $120,000 on Friday, nearly matching the record high it achieved earlier in the week. This increase came as markets responded positively to the approval of the first significant US cryptocurrency legislation. The House passed the bill on Thursday, following the Senate's approval, and President Donald Trump is anticipated to sign it into law later today. This legislation establishes a regulatory framework for stablecoins—digital tokens backed by assets such as the US dollar. This development marks a significant milestone following years of advocacy by the cryptocurrency industry. It is viewed as a crucial step towards wider adoption and regulatory clarity, especially as stablecoins gain momentum in payments and financial markets. Bitcoin has now appreciated nearly 30% in value since the beginning of the year, spurred by optimism over regulatory advancements and an increase in institutional interest via ETFs. Concurrently, robust US economic data indicated resilience despite the challenges posed by tariffs, which have moderated expectations for additional rate cuts—an environment that typically favors cryptocurrencies.