Bitcoin’s price crossed the US$120,000 mark late on July 13, briefly peaking at over US$121,300 before settling at around US$120,720.

Since the start of the year, bitcoin has surged by 29.3%, recovering from a low of just over US$75,000 in April.

The rise follows a previous peak above US$110,000 on May 21 and a milestone of US$100,000 reached in December 2024.

The growth is linked to speculation about the Senate possibly approving the GENIUS Act, which proposes federal regulations for stablecoins.

The bill would require issuers to maintain asset reserves and prioritize reimbursements during bankruptcy. Analysts say this could boost investor confidence.

🔗 Source: Forbes

🧠 Food for thought

1️⃣ Bitcoin’s journey reflects accelerating adoption cycles

Bitcoin’s path to $120,000 reveals increasingly faster market cycles compared to its early days.

The cryptocurrency took nearly 8 years to reach $1,000 from its introduction in 2009, with its first significant price spike occurring in late 2013 when it jumped from under $200 to almost $947 in a single month 1.

The recent milestone comes just 53 days after crossing $110,000, significantly faster than the 167 days it took to move from $100,000 to $110,000, demonstrating accelerating momentum despite Bitcoin’s massive market size.

This acceleration contrasts sharply with Bitcoin’s early history, when it took years to achieve similar percentage gains, reflecting broader institutional acceptance and improved market infrastructure.

The price journey from $0.30 in 2011 to over $120,000 today represents one of the most dramatic value appreciations of any asset in financial history, with multiple boom-bust cycles along the way including the 2018 “crypto winter” following its first approach toward $20,000 2.

2️⃣ The GENIUS Act represents a pivotal regulatory shift in crypto history

The Senate’s passage of the GENIUS Act marks the first comprehensive U.S. legislation for stablecoins, potentially transforming cryptocurrency’s relationship with traditional finance.

The bipartisan vote of 68-30 demonstrates growing political consensus around cryptocurrency regulation, creating a federal framework that could accelerate institutional adoption 3.