Bitcoin surged past $120,000, hitting a record high of $123,153.22 before settling at $119,750.86, up over 27% on the year. The U.S. House of Representatives is expected to pass crypto-related bills this week. Trump, dubbed the “crypto president,” supports industry regulation changes. Analysts predict further gains for Bitcoin.

A new bill, the Genius Act, aims to establish federal rules for stablecoins. The week of July 14 has been declared “crypto week” by U.S. Republicans. Prices of crypto stocks and ETFs rose, with Coinbase up 1.8% and bitcoin holder Strategy climbing 3.5%. Hong Kong-listed spot bitcoin ETFs hit record highs.

Crypto entrepreneur Justin Sun invested another $100 million in the $TRUMP meme coin. Ether hit $3,081.94, the highest since February, while XRP advanced 2.7%. The sector’s total market value is now around $3.8 trillion. Analysts note that Bitcoin’s surge may be partly due to dollar weakness.

Read more at Yahoo Finance: Bitcoin climbs to record $123,000 as investors eye U.S. policy boost