Bitcoin has surged to a new all-time high, surpassing $123,000, marking a significant increase from $108,000 just a week prior. This rally has positioned Bitcoin as the fifth most valuable asset globally, with a market capitalization of $2.4 trillion, surpassing Amazon.
The price surge coincides with "crypto week" in the U.S. Congress, where lawmakers are set to consider several pro-cryptocurrency bills, including regulations on stablecoins and broader market structure reforms. President Donald Trump has expressed strong support for the crypto industry, pledging to make the U.S. the global center for digital assets. He and his family are heavily invested in various crypto ventures.
However, the legislative process has faced challenges. A procedural vote aimed at advancing crypto regulations was blocked by bipartisan opposition, leading to price declines in crypto-related stocks such as Circle Internet and Coinbase. House Speaker Mike Johnson expressed a desire to revisit the vote soon, but the setback has cast uncertainty over the near-term prospects of these long-awaited crypto regulations.
In the private sector, Cantor Fitzgerald is nearing a $4 billion deal with Adam Back, an early Bitcoin proponent and founder of Blockstream Capital. The deal involves acquiring over $3 billion worth of Bitcoin from Back, with additional funding of up to $800 million for further purchases. This move follows an earlier $3.6 billion crypto venture involving SoftBank and Tether, highlighting the growing interest in Bitcoin amid rising prices.
On the international front, Europe's newly established anti-money laundering watchdog, the EU Anti-Money Laundering Authority , has identified crypto assets as the top money laundering threat facing the region. Chair Bruna Szego emphasized the sector’s high exposure to illicit activities, exacerbated by the fragmented nature of the EU market and the anonymity of crypto transactions. AMLA aims to ensure uniform compliance standards under the new pan-EU crypto licensing framework.
As the cryptocurrency landscape continues to evolve, stakeholders are closely monitoring legislative developments, market dynamics, and regulatory actions that will shape the future of digital assets.
