Bitcoin Hits $123K As Trump Task Force Report Sparks Market Buzz

HomeNews* Bitcoin set a record price of $123,000, with markets watching for further movement.

• The digital asset market has climbed nearly 60% since April, driving the total crypto market close to $4 trillion.
• The U.S. president’s digital assets task force report is due July 22 and could impact crypto regulation.
• Major crypto-related bills, including stablecoin and market structure acts, are advancing in the U.S. House of Representatives.
• Investors are monitoring possible policy changes, including the creation of a U.S. bitcoin reserve and broader cryptocurrency oversight. Bitcoin reached a new all-time high price of $123,000 this week, prompting speculation about another large market shift. The surge has lifted the entire cryptocurrency sector, with the total market value nearing $4 trillion. Investors and analysts now focus on potential developments linked to upcoming U.S. government decisions on cryptocurrency policy.

• Advertisement - The price of bitcoin has increased about 60% from its lowest point in April. This rise has helped push Ethereum, XRP, and other digital tokens higher. The increase comes ahead of expected regulatory activity, including legislation and federal reports that could affect digital asset regulations and strategies.

According to Javier Rodriguez-Alarcon, chief investment officer at XBTO, “U.S. policy is the next big catalyst,” with a task force report from U.S. president Donald Trump’s administration expected by July 22. The task force, assigned in January, will recommend a federal framework for managing digital assets, stablecoins, market oversight, and consumer protections. The report may also propose a bitcoin reserve strategy for the U.S.

The Republican-led House of Representatives advanced stablecoin legislation this week after lengthy discussions. If approved, the “Genius Act” will be sent to President Trump for signing. A separate crypto market structure bill, the “Clarity Act,” could be voted on next week, according to Punchbowl News.

The Trump administration’s digital asset task force could reveal plans for a U.S. bitcoin strategic reserve. Federal agencies may transfer their bitcoin and other crypto holdings, such as ethereum, XRP, solana, and Cardano, to the Treasury Department to manage these reserves. David Sacks, the administration’s Artificial Intelligence and crypto advisor, has focused on “budget-neutral” ways to acquire bitcoin. Senator Cynthia Lummis has also introduced related acquisition bills.

“Investors are watching closely for signs of a policy shift that could unleash the next wave of inflows,” Rodriguez-Alarcon stated. Dom Harz, cofounder of bitcoin layer two network BOB, said, “With bitcoin breaking past $122,000 over the weekend, a new all-time high, the price is reflecting the convergence of increased institutional inflows, growing confidence in digital assets as foundational infrastructure, and importantly, a call for regulatory clarity.”

The digital asset task force’s report and the outcome of Congressional votes are now the focus for traders and companies working in the sector. The next week, which some call “Crypto Week,” may provide more regulatory clarity and influence the direction of the crypto market.

• Advertisement - Further developments may include detailing how reserves are managed and information about the assets involved. The market will likely continue to react as the legislation and federal planning advance.

Previous Articles:

• XRP Nears $200B Market Cap, Surges 35% Against Bitcoin in July
• XRP Surges 40% in a Month, Nears All-Time High After Lawsuit Win
• MicroStrategy Hits Record Market Cap as Bitcoin Nears New Highs
• Ethereum Surges Above $3,400 Amid Investor Risk Appetite and ETF Hopes
• Trump-Backed Crypto WLFI Opens Trading to Public After Vote

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