As investors placed bets on long-awaited policy victories for the industry this week, Bitcoin crossed the $120,000 barrier for the first time on Monday, marking a significant milestone for the largest cryptocurrency in the world.
Before reversing slightly to trade 2.4% higher at $122,000, Bitcoin reached a record high of $123,153.22.
The U.S. House of Representatives will discuss a number of legislation later today that would give the country’s long-desired regulatory framework to the digital asset sector.
U.S. President Donald Trump, who has referred to himself as the “crypto president” and asked lawmakers to change regulations to benefit the sector, has found resonance in those demands.
“It’s riding a number of tailwinds at the moment,” stated Tony Sycamore, an IG market analyst, who attributed the bullishness to Trump’s backing, strong institutional demand, and anticipation of additional gains.
“Over the last six or seven days, it has been a very powerful trend, and it’s difficult to predict where it will end. It appears to be able to gaze at the $125,000 level with ease,” he stated.
Despite Trump’s unpredictable trade policies, the jump in bitcoin, which has risen 30% so far this year, has spurred a larger rally across other cryptocurrencies during the past few sessions. While XRP and Solana gained almost 3% apiece, Ether, the second-largest token, reached a peak of $3,059.60 that lasted more than five months.
According to CoinMarketCap data, the sector’s overall market value has increased to over $3.81 trillion. Congress is scheduled to vote on the Genius Act, the Clarity Act, and the Anti-CBDC Surveillance State Act during “crypto week,” which Washington proclaimed earlier this month.
