Bitcoin Surpasses $119,000 to Set New Record High, Nears $120,000 Mark

Bitcoin, the leading cryptocurrency, surpassed $119,000 for the first time in about a month and a half, coming within reach of the $120,000 mark. This rally is attributed to last week's tech stock surge driven by the 'Nvidia effect' and growing expectations for U.S. Congressional efforts to legislate cryptocurrencies this week.

According to U.S. cryptocurrency exchange Coinbase, as of 9 a.m. on July 14 (Korea Standard Time), Bitcoin was trading at $119,054, up 0.43% from the previous day. Compared to a week ago, it rose 8.97%, and compared to a month ago, it increased by 12.19%. The year-on-year growth rate stands at 95.75%.

Earlier this morning, Bitcoin's price briefly soared to $119,500, up 1.79% from the previous day. This is the first time it has broken through the $119,000 level, surpassing the previous all-time high of $118,800 set just two days earlier on July 11. Since breaking through $112,000 on July 9, Bitcoin has continued to set new highs and maintain its upward momentum.

Altcoins (cryptocurrencies other than Bitcoin) are also showing strength, with most posting gains, including Ethereum (0.98%), Ripple (XRP) (3.49%), BNB (0.96%), Solana (0.25%), and Tether (0.01%).

Last week, the U.S. stock market, led by Nvidia, continued its big tech-driven rally, which appears to have improved investor sentiment toward cryptocurrencies. U.S. business media outlet CNBC analyzed, "When the market is in risk-on mode and investors put money into growth-oriented assets like tech stocks, cryptocurrencies also tend to rally in tandem."

In addition, optimism in the cryptocurrency market has grown as the U.S. House of Representatives is set to address the so-called 'three crypto bills' during 'Crypto Week' this week. The House plans to discuss three cryptocurrency-related bills, including the 'GENIUS ACT,' which regulates stablecoins. The GENIUS ACT aims to establish regulatory standards for the issuance and circulation of stablecoins that are pegged one-to-one with the U.S. dollar.

According to U.S. investment media outlet MarketWatch, Katie Stockton, founder of Fairlead Strategies, noted that Bitcoin has recently broken through a technical resistance level and could rise to $134,500. This suggests there is about 13% additional upside potential from the current price.

Michael Saylor, founder of MicroStrategy and a major player in the cryptocurrency industry, hinted at resuming purchases this week, stating on his social media platform X (formerly Twitter) the previous day, "Some weeks, you do more than just hold." Previously, MicroStrategy had purchased Bitcoin for 12 consecutive weeks until the end of June, before taking a break last week. The company currently holds 597,325 Bitcoins, estimated to account for 3% of the total circulating supply.