Bitcoin reached a new all-time high of $118,860 on Thursday, sparking a rally in U.S.-listed crypto stocks as the industry anticipates a pivotal "Crypto Week" in Washington starting July 14.
The surge, with bitcoin up 4% at $118,071.19 and a 26% gain for 2025, has lifted related stocks, with Strategy (MSTR.O) climbing 3.8% and miners like Riot Platforms, Hut 8, and Mara Holdings gaining 1.5% to 3%.
Other cryptocurrencies, including Ethereum at $3,040, XRP, and Solana, rose 6.5%, 12%, and 2%, respectively, pushing the sector’s market value to $3.7 trillion, per CoinMarketCap.
The House of Representatives will debate three major crypto bills: the Genius Act, the Clarity Act, and the Anti-CBDC Surveillance State Act, aimed at providing a long-sought regulatory framework for the industry.
The Genius Act, which passed the Senate in June with a 68-30 vote, regulates stablecoins pegged to the U.S. dollar, requiring full reserve backing and anti-money laundering compliance.
The Clarity Act establishes a market framework for digital assets, while the Anti-CBDC Act prohibits Federal Reserve-issued digital currencies, reflecting a shift from the industry’s previously strained ties with regulators.
Analysts see the legislative focus as a bullish signal, with expectations of increased capital inflow due to clearer regulations.
Institutional confidence is growing, with firms like Strategy adopting bitcoin as a treasury asset, supported by strong inflows into spot bitcoin ETFs like BlackRock’s iShares Bitcoin Trust, which rose over 7.5%.
However, some caution persists, with analysts warning that the hype around bitcoin as "digital gold" may outpace its current role in portfolios, as it increasingly competes with traditional hedges like gold.