Bitcoin has surpassed the $120,000 threshold for the first time in history, causing a renewed surge in the global virtual asset market. This buying momentum is largely attributed to expectations of institutional integration as the U.S. Congress kicks off its so-called "Crypto Week."

According to the global price tracking platform Investing.com on the 14th (local time), Bitcoin was trading at $121,308 (approximately 177.4 million KRW) as of 2:00 PM, marking a 2.87% increase from the previous day. This represents an all-time high. In South Korea, Upbit also saw a parallel rally, with the price rising 1.96% to 164.92 million KRW.

At the center of this surge is "Crypto Week," spearheaded by the U.S. Congress. The Republican-led House of Representatives has designated this week as a focus period for digital asset legislation, with votes scheduled for three major bills: the Stablecoin Regulation Act (GENIUS Act), the Digital Asset Market Clarification Act (DAMCA), and the Central Bank Digital Currency (CBDC) Prohibition Act, all of which have fueled investor optimism.

The GENIUS Act, in particular, has already passed the Senate; if approved by the House, it is highly likely to be signed into law by President Trump immediately. President Trump has recently openly declared his commitment to deregulation and the institutionalization of virtual assets, while the Republican Party is also pulling out all stops to secure U.S. financial hegemony in the Web3 era.

French Hill, Chairman of the House Financial Services Committee, emphasized, "We can no longer drive innovative companies overseas with ambiguous regulations," adding, "A clear legal framework is the ultimate solution to protecting consumers and maintaining U.S. technological leadership."

The bullish sentiment for Bitcoin is spreading to other cryptocurrencies as well. Ethereum rose 2.78% to trade at $6,789, while Ripple (XRP) surged 5.57% on anticipation of a spot ETF. Pudgy Penguins, classified as a "meme coin," ignited the market with a staggering 86.62% jump in just one week. Dogecoin (16.15%), Shiba Inu (13.84%), and Pepe (24.28%) are also recording double-digit gains.

Market experts assess that the shift in U.S. policy signals a major turning point for the global virtual asset market. Analyses suggest that if the institutionalization process gains real traction, Bitcoin's role could expand further, potentially leading to increased inflows of institutional investors, an expansion of ETFs, and even its adoption as a reserve asset.

Meanwhile, some remain cautious, citing uncertainties in the legislative process and overly exuberant optimism. Some members of the Democratic Party have also raised concerns, warning that "indiscriminate deregulation could undermine consumer protection."

Bitcoin’s突破 of $120,000 is more than just a price increase; it may be the signal that reshapes the future order of the digital economy. All eyes are on how this rally, triggered by "Crypto Week," will play out in conjunction with the policy shift in the United States.

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