Bitcoin at $117,000 Ahead of U.S. Crypto Regulation Votes

Bitcoin climbed above $117,000 on Friday, setting a new all-time high as investors rotated into risk assets and markets anticipated regulatory developments in Washington.

The price jump followed a strong week for tech stocks. Nvidia’s valuation crossed $4 trillion, and the Nasdaq hit record territory, signaling broad investor confidence in growth assets. The S&P 500 also approached new highs, lifting sentiment across equity and crypto markets.

Bitcoin’s move continues a 2025 rally that has added over 21% to its value year-to-date. Trading had been unusually calm in recent weeks, with Bitcoin holding within a $10,000 range. That changed Friday, when buying pressure broke through resistance and pushed the cryptocurrency into price discovery.

“Bitcoin’s correlation with tech stocks hasn’t faded,” said Nic Puckrin, founder of the research platform Coin Bureau. “The breakout reflects a wider risk-on tone, not a speculative spike.”

Some profit-taking is expected near the $115,000–$118,000 range, analysts say. But this run isn’t being viewed as the peak of the cycle — more a reset after a period of low volatility.

Congress to Take Up Crypto Bills Next Week

The timing of Bitcoin’s move is drawing attention. On July 14, Congress opens a series of hearings on cryptocurrency legislation, a calendar insiders have dubbed "Crypto Week." The agenda includes multiple bills that could define how digital assets are regulated in the United States.

Among them is the GENIUS Act, which has already passed the Senate. The bill outlines a federal framework for stablecoin issuers and would bring oversight to a corner of the crypto market that has operated in a gray area for years.

Jesse Jarvis, CEO of market data firm Kaiko, said institutional capital is watching closely.

“A credible regulatory framework could bring major capital off the sidelines,” Jarvis said. “The lack of rules has kept many funds out of the market. That could change.”

Circle, Robinhood, and Coinbase Rally

Shares of crypto-linked companies gained ahead of the hearings. Circle, which issues the stablecoin USDC, rose 2% on Thursday and is now up over 500% since its June 5 IPO.

Trading platforms Robinhood and Coinbase also posted gains as investor sentiment improved on expectations of a more stable legal environment for digital assets.

U.S. Policy Shift Draws Institutional Focus

The policy backdrop has changed under the Trump administration, which has signaled support for blockchain development and even floated the idea of a federal Bitcoin reserve. That shift has attracted interest from hedge funds, asset managers, and sovereign wealth funds seeking long-term exposure.

While the crypto industry still faces regulatory hurdles globally, the combination of bullish market conditions and potential U.S. policy clarity is building momentum.

Traders and industry leaders now await next week’s Congressional hearings, where lawmakers will weigh bills that could directly impact stablecoin issuers, exchanges, and crypto custody rules. With Bitcoin trading near record levels, the outcome could influence how capital flows into the market in the weeks ahead.

Also Read: Bitcoin Price Prediction: Could BTC Reach $1 Million by 2035?