Bitcoin's Record High March, Will It Break Through $120,000 This Month?
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- 2025-07-12 03:26:21
- Updated
- 2025-07-12 03:26:21
The leading cryptocurrency Bitcoin broke through the $118,000 barrier on the 11th (local time).
With the upcoming cryptocurrency-related legislation in the U.S. House of Representatives next week, Bitcoin, which is setting new all-time highs daily, broke through $118,000 on this day.
According to CoinMetrics, Bitcoin soared to $118,872.85.
Following Bitcoin, Ethereum, the second-largest cryptocurrency by market capitalization, broke through the $3,000 mark for the first time since February.
Several favorable factors are overlapping, allowing Bitcoin to continue its record-breaking march.
With expectations that the Federal Reserve (Fed) will lower interest rates in September, the inflow of funds into cryptocurrency ETFs, and the anticipation of cryptocurrency being incorporated into the institutional framework through legislation, Bitcoin has been breaking records for the first time in over a month since May.
On the 10th alone, $1.18 billion flowed into Bitcoin ETFs, setting the highest record of the year.
According to Barron's, Pepperstone's Dirin Wu strategist said in an analysis note on the 11th that it is only a matter of time before Bitcoin breaks through $120,000. He particularly noted that the House is expected to pass three bills next week, providing ample upward momentum for Bitcoin.
The House plans to pass the so-called CLARITY Act, which sets the regulatory framework for cryptocurrencies and other crypto-assets, as well as the Genius Stablecoin Act related to stablecoin regulation.
Additionally, it is expected to legislate the so-called 'Anti-CBDC Oversight Status Act,' which prohibits regional banks under the Fed from issuing central bank cryptocurrencies to individuals.
Wu of Pepperstone predicted that as long as the legislative momentum remains strong, the inflow of ETF funds will continue, and with the Fed also being favorable to rate cuts, Bitcoin is likely to break through $120,000 before August.
Ryan Lee, an analyst at BitJet Research, also optimistically stated in an analysis note that Bitcoin will reach $120,000 by the end of this month.
dympna@fnnews.com Song Kyung-jae Reporter