Jul 18, 2025

Bitcoin pushes past $120K, where do we go from here?

Leena ElDeeb

Bitcoin pushes past $120K, where do we go from here?

To kick off Crypto Week in the US, Bitcoin smashed through the $120,000 barrier, reaching an intraday high of $123,153.22 on July 14. This surge isn’t just a number. It’s a clear signal that investors are buzzing about the potential of recent regulatory changes that could reshape the crypto investing landscape.

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What’s driving this momentum? Last week, Congress took a bold step by pushing forward the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act. This landmark legislation establishes a regulatory framework for stablecoins, cryptocurrencies designed to maintain a stable value, typically pegged to the US dollar.

Imagine being able to transfer funds across various tokens with a transaction cost that’s 99% cheaper than traditional banking methods! Stablecoins are becoming the lifeblood of the crypto world, empowering traders and opening doors for everyday users to dip their toes into the crypto pool.

The GENIUS Act is enacted into law…so what??

With the GENIUS Act passed by Congress (now pending President Trump’s signature), the landscape is shifting. Stablecoins are set to gain more traction, serving as a gateway for newcomers to the crypto space. They aren’t just a convenience; they’re crucial for decentralized finance (DeFi), generating over a third of transaction fees and boosting the success of Layer 1 blockchains like Ethereum and Solana.

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CLARITY creates opportunity

In another victory for the crypto community, the CLARITY Act passed the House and awaits Senate consideration. This bill aims to demystify the regulations surrounding digital assets, defining when they are classified as securities or commodities. Its path in the Senate is uncertain, however, due to concerns over Trump’s personal crypto ventures, with critics arguing this could signal tolerance for conflicts of interest.

Major players in the crypto industry, including Coinbase and Ripple, are advocating for the bill. They understand that regulatory clarity isn’t just a bureaucratic necessity; it’s a catalyst for growth and consumer confidence. A clearer regulatory framework could mean more investors feel secure diving into the crypto market, potentially leading to unprecedented growth.

What’s next for Bitcoin?

With the GENIUS Act paving the way for institutional investment and the CLARITY Act enhancing regulatory transparency, Bitcoin is poised to reach exciting new heights. What else should you be watching?

Federal Reserve decisions: The Federal Reserve’s meeting at the end of July could be a pivotal moment. With murmurs about potential interest rate cuts, a favorable decision could drive more institutional interest and investment in Bitcoin, pushing prices even higher.
Emerging Bitcoin-native DeFi: Innovations like BTC-Fi are revolutionizing how we view Bitcoin. With over $10 billion already in this space (in line with our State of Crypto prediction), projects like Stack and BitVM are expanding Bitcoin’s utility beyond mere holding. They’re introducing new features like lending and staking, attracting fresh capital and increasing Bitcoin’s role as a versatile asset.

As regulatory clarity unfolds and new technical possibilities emerge, Bitcoin is not just defending its gains; it’s poised to redefine what it means to reach new all-time highs. In 2025, Bitcoin could be recognized not just as a scarce digital asset but as a mainstream investment option that everyone should consider.

The future of Bitcoin and the broader crypto market is bright, with these legislative changes paving the way for growth and innovation.

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This report has been prepared and issued by 21Shares AG for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however, we do not guarantee the accuracy or completeness of this report. Crypto asset trading involves a high degree of risk. The crypto asset market is new to many and unproven and may have the potential not to grow as expected.‍Currently, there is relatively small use of crypto assets in the retail and commercial marketplace in comparison to relatively large use by speculators, thus contributing to price volatility that could adversely affect an investment in crypto assets. In order to participate in the trading of crypto assets, you should be capable of evaluating the merits and risks of the investment and be able to bear the economic risk of losing your entire investment.‍Nothing herein does or should be considered as an offer to buy or sell or solicitation to buy or invest in crypto assets or derivatives. This report is provided for information and research purposes only and should not be construed or presented as an offer or solicitation for any investment. The information provided does not constitute a prospectus or any offering and does not contain or constitute an offer to sell or solicit an offer to invest in any jurisdiction. The crypto assets or derivatives and/or any services contained or referred to herein may not be suitable for you and it is recommended that you consult an independent advisor. Nothing herein constitutes investment, legal, accounting or tax advice, or a representation that any investment or strategy is suitable or appropriate to your individual circumstances or otherwise constitutes a personal recommendation. Neither 21Shares AG nor any of its affiliates accept liability for loss arising from the use of the material presented or discussed herein.‍Readers are cautioned that any forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those in the forward-looking statements as a result of various factors.‍This report may contain or refer to material that is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would subject 21Shares AG or any of its affiliates to any registration, affiliation, approval or licensing requirement within such jurisdiction.

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