Bitcoin surged past the $120,000 mark for the first time on Monday, hitting a major milestone as investor optimism grows ahead of potential policy breakthroughs for the crypto industry.
The rally comes as the US House of Representatives begins debating a set of bills this week aimed at establishing a long-awaited regulatory framework for digital assets.
Those demands have resonated with US President Donald Trump, who has called himself the “crypto president” and urged policymakers to revamp rules in favor of the industry.
Expectations of further tailwinds for the industry helped propel bitcoin BTC= to yet another record high of $121,207.55 in the Asian session on Monday. It last traded 1.5% higher at $120,856.34.
The surge in bitcoin, which is up 29% for the year thus far, has sparked a broader rally across other cryptocurrencies over the past few weeks even in the face of Trump’s chaotic tariffs.
Ether ETH=, the second-largest token, scaled an over five-month top of $3,048.23 on Monday and last stood at $3,036.24.
The sector’s total market value has swelled to about $3.78 trillion, according to data from CoinMarketCap.
