Crypto Market Recap: Bitcoin Hits Record as Congress Considers Regulatory and Market Structure Frameworks

Bitcoin and Ethereum price update

Bitcoin (BTC) was priced at US$119,855, up by 0.6 percent in the last 24 hours. The day’s range for the cryptocurrency brought a low of US$119,417 and a high of US$121,191.

Bitcoin price performance, July 14, 2025.

Chart via TradingView

Bitcoin continued to ride tailwinds into a fresh trading week, moving above US$123,000 briefly. Strong institutional demand and over US$2.7 billion in spot ETF inflows have added support, allowing Bitcoin to hold at the US$119,000 level.

Market analysts pointed to strong institutional inflows and broader participation from family offices in Asia. Ethereum followed suit, climbing past US$3,000, while Solana and XRP each rose by approximately 3 percent.

The global crypto market cap now stands at US$3.81 trillion. Analysts say this could mark a structural shift, with bitcoin increasingly viewed as a reserve asset by both institutions and some central banks.

Stocks tied to crypto companies are soaring in tandem: Coinbase and Robinhood hit new highs, while Circle stock has risen over 500 percent since its IPO.

Popular trader Daan Crypto Trades eyed two key liquidation-related zones to watch next: US$115,500- US$116,500 and the area above US$120,000.

10x head of research Markus Thielen postulates that Bitcoin’s position as a defense against a financial crisis in the US is driving the rally: “The narrative has completely shifted: no one is talking about blockchain use cases or Bitcoin’s technological promise anymore. Bitcoin has become a macro asset, a hedge against unchecked deficit spending.”

Eugene Cheung, chief commercial officer of crypto platform OSL, told Cointelegraph that the asset has the potential to reach US$130,000 to US$150,000 by year-end.

Ethereum (ETH) was priced at US$2,997.69, up by 0.1 percent over the past 24 hours. Its lowest valuation on Monday was US$2,989.38 and its highest was US$3,061.18.

Altcoin price update

• Solana (SOL) was priced at US$163.92, up by 0.7 percent over 24 hours. Its lowest valuation on Monday was US$162.99, and its highest was US$168.18.

• XRP was trading for US$2.92, up 2.3 percent in the past 24 hours. The cryptocurrency’s lowest valuation was US$2.92, and its highest was US$3.02.

• Sui (SUI) is trading at US$3.85, up by 10.6 percent over the past 24 hours. Its lowest valuation was US$3.86, and its highest was US$3.99.

• Cardano (ADA) deviated from the trend, declining by 1.8 percent to US$0.7302 at the market’s closure, its lowest valuation of the day. Its highest valuation on Monday was US$0.7591.

Today’s crypto news to know

Bitcoin hits record US$123,000 as Congress kicks off Crypto Week

Bitcoin surged to a new all-time high of US$123,153.22 on Monday (July 14), driven by investor optimism ahead of major US congressional debates on crypto regulation.

The House of Representatives is set to consider three pivotal bills this week: the GENIUS Act, the CLARITY Act, and the Anti-CBDC Surveillance State Act.

These proposals aim to create a federal framework for stablecoins, clarify regulatory jurisdiction between the SEC and CFTC, and ban the Federal Reserve from issuing a central bank digital currency.

On Friday, White House crypto adviser Bo Hines said he anticipates the House will pass the GENIUS Act without amendments, sending it directly to the President. However, Maxine Waters, Ranking Member of the House Financial Services Committee, and Stephen Lynch, Ranking Member of the Digital Assets Subcommittee, responded by announcing their intention to lead Democrats in opposing this Republican-led legislation, which they have labeled as dangerous.

In early 2025, Waters introduced a stablecoin discussion draft, later proposing a bill to restrict US officials and their families from crypto promotion or ownership. She also suggested the US Treasury Secretary shouldn’t approve a foreign stablecoin regime if that nation’s leader publicly declared themselves a dictator. Ohio Representative Warren Davidson (R) separately proposed a CLARITY Act amendment to protect the right to use hardware or software wallets for lawful digital asset custody.

In a Monday MSNBC op-ed, Waters reiterated her opposition, claiming the proposed bills are designed by and for the crypto industry and pose a threat to consumers and investors

While Waters has put forward these amendments and alternative proposals, the current expectation is that the GENIUS Act will be brought to a floor vote under a restrictive rule, meaning her amendments are not expected to receive a direct vote today or this week as part of the GENIUS Act itself. Instead, her efforts serve to galvanize Democratic opposition and offer a contrasting policy vision, providing reasons for members to vote ‘no’ on the Republican-led legislation.

OKX joins Global Dollar Network

Crypto exchange OKX joined the Global Dollar Network, a consortium promoting its regulated US dollar-backed stablecoin for wider adoption, leveraging its compliance as a key differentiator.

The Global Dollar Network has attracted dozens of partners since its launch in November 2024, including Robinhood (NASDAQ:HOOD), Kraken, Anchorage Digital, Beam, DBS and Standard Chartered. Its token, Paxos, is regulated by the Monetary Authority of Singapore, with reserves held by Singapore-based DBS Bank. In July, USDG expanded into the European Union, operating under the MiCA framework.

Institutional demand pushes Bitcoin ETF inflows to record levels

Spot Bitcoin ETFs saw a wave of institutional capital last week, with more than US$1 billion flowing in on Thursday alone.

BlackRock’s IBIT fund led the surge, becoming the fastest ETF to surpass US$80 billion in assets. The inflows helped propel Bitcoin above US$120,000, reinforcing its position amid growing mainstream adoption and policy momentum.

Since the start of 2025, Bitcoin spot ETFs have attracted a staggering US$22.7 billion in cumulative inflows, the vast majority of which was captured by US-listed funds.

Grayscale files for IPO

Grayscale confidentially filed a Form S-1 with the US Securities and Exchange Commission for an initial public offering on July 14 (Monday), according to an announcement on the firm’s website.

Grayscale joins a growing list of crypto-native companies capitalizing on surging market interest. On Saturday (July 12), memecoin launch platform Pump.fun raised over US$500 million in an initial coin offering (ICO), selling out 33 percent of its maximum 1 trillion supply in about 12 minutes.

Grayscale’s official press release didn’t disclose details such as the number of shares it plans to sell or the anticipated price range. Its Grayscale Bitcoin Trust ETF (NASDAQ:GBTC) closed up 1.44 percent on Monday.

Bhutan sells US$59 Million in Bitcoin but retains US$1.4 Billion in holdings

Bhutan has sold over US$59 million worth of bitcoin in recent days, taking advantage of the cryptocurrency’s historic run past US$123,000.

According to blockchain analytics platform Lookonchain, the country offloaded 512.84 BTC in the past four days. Even after the sale, Bhutan still holds over 11,400 BTC, now valued at more than US$1.4 billion.

The sales are coordinated by Druk Holding & Investments, the country’s sovereign wealth fund, which operates a clean-energy mining program powered by hydropower.

Unlike Germany, which liquidated seized crypto, Bhutan actively mines and times its sales to coincide with price peaks. Officials have emphasized the environmental sustainability of their operations in line with national policy goals.