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Bitcoin exceeded the $120,000 mark for the first time on Monday, marking a significant achievement for the leading cryptocurrency as investors anticipate long-awaited policy victories for the sector this week.
Bitcoin reached an all-time high of $121,207.55 during the Asian trading session on Monday, before retracing slightly to close up 1.6% at $121,015.42.
The recent increase in bitcoin, which has risen 29% this year to date, has fueled a wider rally among other cryptocurrencies in recent sessions, despite the turmoil surrounding Trump’s tariffs.
Ether, the second-largest cryptocurrency, reached a high not seen in over five months at $3,050.90, while both XRP and Solana rose by approximately 3%.
The U.S. House of Representatives is expected to begin discussions on several bills on Monday aimed at providing the digital asset sector with the regulatory framework it has long sought.
These requests have resonated with U.S. President Donald Trump, who has labelled himself the “crypto president” and has urged lawmakers to revise regulations to benefit the industry.
The combined market capitalisation of the sector has surged to around $3.78 trillion, based on CoinMarketCap data.
Earlier this month, Washington designated the week of July 14 as “crypto week,” during which congressional members are expected to vote on the Genius Act, the Clarity Act, and the Anti-CBDC Surveillance State Act.
The most crucial piece of legislation is the Genius Act, which aims to establish federal regulations for stablecoins.
In addition, prices for cryptocurrency-based exchange-traded funds (ETFs) in Hong Kong have also seen a significant rise.
