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As the second day of official "Crypto Week" unfolds in Washington, President Donald Trump's enthusiastic "Happy Crypto Week" celebration meets unexpected resistance from House Republicans, even as Bitcoin maintains its historic breakthrough above $123,000.
Trump's Crypto Week Message Amid Political Turbulence
President Trump has urged policymakers to support crypto-friendly legislation during what House leadership officially designated as "Crypto Week" from July 14-18. However, the week got off to a rocky start when crypto regulation bills that were widely expected to pass failed to advance earlier, marking a rare instance of House Republicans refusing to take direction from Trump.
Bitcoin Hits Historic $123,000 Milestone
The cryptocurrency market provided a stark contrast to political uncertainties. Bitcoin scaled $123,000 for the first time, a major milestone for the world's largest cryptocurrency as the US House of Representatives prepares to debate three industry-friendly bills that could provide the regulatory framework crypto insiders have long demanded.
BlackRock's crypto investment products saw an influx of $2.4 billion last week, contributing to the price surge. Bitcoin is now up 29% for the year so far, sparking a broader rally across other cryptocurrencies.
The GENIUS Act: Regulation of Stablecoins Becomes a Key Focus
The centerpiece of this week's legislative agenda is the GENIUS Act, a bill to regulate stablecoins. This landmark legislation would establish the first comprehensive federal regulatory framework for payment stablecoins - cryptocurrencies pegged to traditional assets like the U.S. dollar.
While establishing the US as a global leader in the regulation of digital assets, the bill seeks to protect consumers. If passed, it would mark the first major crypto law to reach President Trump's desk during his current term.
Market Volatility and Political Resistance
Democrats are concerned that, despite Trump's public support, his growing cryptocurrency empire may cause the market structure package known as the CLARITY Act to be delayed. Additionally, crypto-linked stocks turned lower after the initial vote failed, with Circle dropping more than 7% and Coinbase falling more than 4%.
After breaking above $123,000 earlier this week, Bitcoin price faced rejection near the upper boundary of a major volume resistance zone, following President Trump's 30% tariff announcement on EU and Mexican imports.
What's at Stake for Crypto's Future
Bitcoin price today is trading just above the critical demand block between $115,500 and $117,000, with analysts watching closely as congressional votes could determine the sector's regulatory future.
The Trump administration has made noteworthy progress in embracing cryptocurrency, including the signing of an Executive Order to create a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile earlier this year. Additionally, the SEC initiated a new Crypto Task Force in January 2025, aimed at formulating thorough regulatory frameworks for the industry.
Looking Ahead: Critical Days for Crypto
As Crypto Week continues through July 18, the industry faces a pivotal moment. Congress may be passing new crypto legislation this week, which could further increase the adoption by the institution with regard to Bitcoin.
The next few days will decide whether Trump's "Happy Crypto Week" message turns into meaningful legislative wins or remains on rough ground. While Bitcoin holds onto its all-time highs and institutional money pours in, the crypto crowd is anxiously waiting for Washington.