Bitcoin surged to a new all-time high of $122,600 on Monday morning, continuing its meteoric rise as the Trump administration ramps up efforts to integrate digital assets into the U.S. economy.
The record-setting rally occurred during overnight trading in Asia, according to cryptocurrency data provider Coin Metrics. The world’s leading cryptocurrency has soared 31% since the beginning of the year, repeatedly shattering previous records in recent months.
This sharp rise comes as President Trump intensifies his backing of the crypto industry. Investors have poured into digital assets, encouraged by the administration’s vocal support and its initiative to normalize the use of cryptocurrencies in everyday transactions. The White House has labeled this week “Crypto Week,” signaling a series of planned announcements and legislative pushes in favor of digital finance.
At the heart of this effort is the upcoming deliberation in the U.S. House of Representatives on the Genius Act. If passed, the legislation would permit traditional commercial banks to issue their own cryptocurrency tokens—commonly known as stablecoins—as long as they are backed by stable assets like the U.S. dollar. The act could potentially reshape how money circulates in the financial system by allowing consumers to use bank-issued digital currencies.
However, the move has sparked concern among global financial authorities. Andrew Bailey, Governor of the Bank of England, expressed skepticism in an interview with The Times, saying he “would much rather” that commercial banks abstain from issuing their own stablecoins. Bailey warned that the growing $200 billion market for these instruments could pose risks to global financial stability.
Elsewhere in the markets, London’s FTSE 100 rose by 0.34% (30.27 points) to 8,971.40, while the FTSE 250 gained 0.20% (43 points) to 21,656.25, buoyed by strong performance in the mining sector.
In currency markets, the British pound fell 0.2% against the dollar, reaching a three-week low of $1.34. Sterling remained stable against the euro at €1.15. Bailey also hinted at the possibility of deeper interest rate cuts if economic growth falters, further pressuring the pound.
Meanwhile, gold prices remained near record highs as traders responded to Trump’s proposal to impose a 30% tariff on imports from the European Union and Mexico—an announcement that could inject fresh volatility into global trade and economic forecasts.
With crypto gaining increasing traction in policy circles and financial markets, the U.S. appears poised to lead a new era of digital currency adoption—one that is being watched closely by regulators around the world.
