Crypto investors look ahead to policy wins, propelling bitcoin to record high

By Niket Nishant, Manya Saini and Hannah Lang

July 11, 20251:09 PM CDTUpdated 4 mins ago

U.S.-listed crypto stocks jumped on Friday morning as bitcoin surged to a record high in the run-up to a landmark week that could cement policy wins for the crypto industry.

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Bitcoin rally lifts crypto stocks before big week in Congress

• Summary

• Companies

• US Congress to debate key legislation next week
• Bitcoin hits record high on crypto optimism
• Skeptics cite likely volatility ahead to warn of hype

July 11 (Reuters) – Crypto investors are betting that a slew of long-sought policy wins for the industry, expected next week, could invite new investment in the asset class.

Those hopes helped propel bitcoin to another high on Friday and gave a boost to U.S.-listed crypto stocks.

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Starting on Monday, the House of Representatives will debate a series of crypto bills to provide the digital asset industry with the U.S. regulatory framework it has long demanded. Those demands have resonated with U.S. President Donald Trump, who has called himself the “crypto president” and urged policymakers to revamp rules in favor of the industry.

Bitcoin surges to new highs above $118,000 as investors go risk-on

Bitcoin (BTC-USD) vaulted to a fresh all-time high Friday, breaking above $118,000 amid a wave of bullish momentum across risk assets.

The token’s price action coincides with AI giant Nvidia’s (NVDA) surge to a $4 trillion valuation, highlighting crypto’s tie with tech. The tech-heavy Nasdaq Composite (^IXIC) hit a fresh record on Wednesday, and the S&P 500 (^GSPC) was headed that way on Thursday.

“Historically, Bitcoin has remained highly correlated with tech stocks, and this correlation is still playing out,” Nic Puckrin, crypto analyst and founder of the Coin Bureau, wrote on Thursday morning.

Read more: Can you buy crypto with a credit card? See the pros and cons.

Year to date, the token is up roughly 21%, buoyed in part by crypto-friendly policies from the Trump administration, including the establishment of a strategic bitcoin reserve and a broader digital asset stockpile.

Over the past two months, bitcoin has traded within a tight $10,000 range — an unusually stable period given its historical volatility.

“At the heart of this rally lies sustained structural inflows from institutional players,” wrote Dilin Wu, research strategist at Pepperstone.

“Corporates are also ramping up participation,” he added. The analyst noted companies like Strategy (MSTR) and GameStop (GME) have continued to add bitcoin to their balance sheets. Trump Media & Technology Group (DJT) this week also filed for approval to launch a “Crypto Blue Chip ETF”, which would include about 70% of its holdings in bitcoin.

The timing of bitcoin’s breakout also comes days before Congress kicks off its highly anticipated “Crypto Week” on July 14. Lawmakers will debate a series of bills that could define the industry’s regulatory framework.

“A favorable outcome could accelerate institutional inflows, reinforcing Bitcoin’s role as a macro asset and strengthening confidence in compliant crypto platforms,” said Jesse Jarvis, CEO of Kaiko AI.

The GENIUS Act is among the regulations the House will consider. The bill, which recently passed through the Senate, proposes a federal framework for stablecoins.

Shares of Circle (CRCL), the issuer of stablecoin USDC (USDC-USD), were up roughly 2% on Thursday. The stock is up more than 500% from its June 5 IPO.

Trading platforms Robinhood (HOOD) and Coinbase (COIN) were also higher during Thursday’s session.