Bitcoin smashes all records: reaches all-time highs of $123,000

Bitcoin hit a new all-time high at 7:26 a.m., hitting $123,000 in the so-called cryptocurrency week, during which U.S. House leaders will debate several cryptocurrency-related bills.

After reaching $123,000 at 7:26 a.m., Bitcoin has declined moderately, and at 8:00 a.m., it is up 2.60% at $122,200.

The U.S. House of Representatives is debating three pieces of legislation: the Clarity Act, the Anti-CBDC Surveillance Act, and the Genius Act.

According to eToro analyst Javier Molina, the Genius Act would give stablecoins a strict framework, while the Clarity Act would set clear boundaries as the Securities and Exchange Commission (SEC) would oversee the tokens.

Molina also noted that the Bitcoin Act would allow the Treasury and the Fed to acquire up to one million bitcoins as a strategic reserve and protect private self-custody.

For his part, analyst Juan Ignacio Crespo has indicated that between now and the end of the year, Bitcoin could rise 51% and reach $179,000.

Bitcoin hit a new all-time high at 7:26 a.m., hitting $123,000 in the so-called cryptocurrency week, during which U.S. House leaders will debate several cryptocurrency-related bills.