CNBC's MacKenzie Sigalos reports on bitcoin surpassing $120,000 to reach a new record high as U.S. lawmakers gear up to potentially pass regulatory changes, which may bolster institutional demand.

Bitcoin has surged past $123,000 for the first time, marking a new all-time high. The rally is being fueled by a combination of substantial institutional investment, particularly through spot Bitcoin ETFs, and a short squeeze among traders who had bet against the cryptocurrency. BlackRock's iBitFund has become one of the fastest-growing ETFs in U.S. history, now holding over $83 billion in assets. Legislative activity in Washington, including bills on stablecoin oversight and restrictions on a Federal Reserve digital dollar, is also contributing to positive sentiment in the market.

Bitcoin trades above $120,000, hitting record highs

Hey, good morning, Carl. Bitcoin surging past $123,000 for the first time ever, placing us firmly in price discovery mode. And this isn't just a retail-driven rally. It's being powered by a rare mix of forces driving sustained institutional demand. Spot Bitcoin ETFs are seeing massive inflows again. $2.7 billion just last week, with nearly half of that in a single day, which was the second biggest session on record. BlackRock's iBitFund now tops $83 billion in assets, making it one of the fastest-growing ETFs in U.S. history. We're also seeing a clear short squeeze. Traders who bet against Bitcoin near the prior highs are being forced to buy back in, which is helping to fuel the rally. And with options having just expired, that cleared out selling pressure and opened the door for more volatility. Crypto bulls are getting a lift from Washington as well. The House is taking up several key bills this week, including one on stablecoin oversight, and another tied to a block to a Fed-issued digital dollar. Now, Republicans are calling this Crypto Week as they push to make the U.S. more hospitable to digital assets. You put it all together, near-record ETF inflows, short sellers getting squeezed, and now potential tailwinds from Capitol Hill. It is a powerful setup for continued momentum. Sarah? Yep. Enthusiasm is high. Thank you, Mackenzie.

Christian leaders have accused Israeli settlers of attacking sacred sites in the West Bank. The Greek Orthodox Patriarch of Jerusalem, Theophilos III - visiting the Christian town of Taybeh with other clerics - said settlers had started a fire near a cemetery and a 5th century church there last week.

Jerusalem

Clerics accuse West Bank settlers of attacking Christian sites

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Beijing

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Washington

Global Tariffs

Ukraine Invasion

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Cape Canaveral

Axiom Mission 4 crew returns from historic trip to I.S.S.

Hundreds of Palestinians on Sunday (July 13) mourned two men who were killed in overnight clashes by settlers in the West Bank. One of the deceased is 20-year-old Sayafollah Musallet, a U.S. citizen.

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Following his recent criticism of Russian President Vladimir Putin, U.S. President Donald Trump said he plans to send Patriot missiles to Ukraine. Trump, for the first time since he took office in January, is also considering authorizing new funding for Ukraine.

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Lexington

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The European Union said it would extend its suspension of countermeasures to U.S. tariffs until early August and continue to press for a negotiated settlement, after U.S. President Donald Trump ratcheted up his trade war on the bloc.

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Several European leaders and Mexican President Claudia Sheinbaum have expressed disappointment at the 30% tariffs US President Donald Trump has announced, but maintained openness to reach a negotiated solution.

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A preliminary report depicted confusion in the cockpit shortly before an Air India jetliner crashed and killed 260 people last month, after the plane's engine fuel cutoff switches flipped almost simultaneously and starved the engines of fuel.

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Iran’s foreign minister says his country is ready to resume nuclear talks with the United States but will need assurances that there will be no more attacks against it. Abbas Araghchi made the comments on Saturday, during a meeting with foreign diplomats in Tehran.

Tehran

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Australia will not commit troops in advance to any conflict, Defence Industry Minister Pat Conroy said on Sunday (July 13), responding to a report that the Pentagon has pressed its ally to clarify what role it would play if the U.S. and China went to war over Taiwan.

Council of the City of Sydney

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A federal judge in California temporarily halted the Trump administration from making indiscriminate arrests based on race and denying detainees access to lawyers.

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The U.S. Embassy in Jerusalem asked the Israeli government for details following the death of an American citizen in the West Bank. It comes as Israel's defense minister created controversy this week when he announced plans to build a new so-called safe humanitarian city for Gazans.

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President Donald Trump on Saturday threatened to impose a 30% tariff on imports from Mexico and the European Union starting on August 1, after weeks of negotiations with the major U.S. trading partners failed to reach a comprehensive trade deal.

Mexico City

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Engine fuel cut off before Air India plane crash, report reveals

A preliminary report depicted confusion in the cockpit shortly before an Air India jetliner crashed, killing 260 people last month, after the plane's engine fuel cutoff switches almost simultaneously flipped, starving the engines of fuel.

Air India crash report shows confusion over engine switch movement

An Israeli airstrike hit Palestinians near a medical center in Gaza on Thursday, killing 10 children and six adults, local health authorities said, as ceasefire talks dragged on with no immediate deal expected. This report contains graphic and disturbing images.

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Russian strikes against Ukraine persisted overnight and reportedly injured at least nine people and caused damage to a maternity hospital, according to officials. This comes as President Volodymyr Zelenskyy meets with European allies in Rome.

Kyiv

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Israeli Prime Minister Benjamin Netanyahu is returning to Israel without a ceasefire deal with Hamas despite optimism from the Trump administration. CBS News' Elizabeth Palmer reports.

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Immigration and Customs Enforcement (ICE) raids in California turned violent after protesters clashed with agents from the Trump administration carrying out an operation at a Camarillo farm.

Camarillo

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Center Point

Urgent search operations for flood victims stretch miles in Texas

U.S. President Donald Trump said the United States would impose a 35% tariff on imports from Canada next month and planned to impose blanket tariffs of 15% or 20% on most other trade partners.

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