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Bitcoin soared past the $120,000 mark for the first time on Monday, hitting a record high of $121,207.55 during the Asian trading session.
The world’s largest cryptocurrency later settled slightly lower, trading 1.6% up at $121,015.42.
The rally comes as the US House of Representatives begins debating a series of bills this week aimed at establishing a long-awaited regulatory framework for the digital asset industry. Among them is the Genius Act, which would provide federal rules for stable coins. Washington has declared the week of July 14 as “crypto week,” signaling increased political engagement with the sector.
US President Donald Trump has publicly backed the crypto industry, calling himself the “crypto president” and urging regulatory reform in its favor. Analysts say this support, combined with strong institutional demand and expectations of further gains, is fueling Bitcoin’s upward momentum.
“It’s been a very strong move over the past week,” said IG market analyst Tony Sycamore. “It looks like it can easily test the $125,000 level.”
Bitcoin is up 29% so far this year, with its surge driving a broader crypto market rally. Ether reached a five-month high of $3,050.90, while XRP and Solana both rose around 3%.
The total market capitalization of cryptocurrencies has now climbed to $3.78 trillion, according to CoinMarketCap.
In Asia, crypto-listed ETFs in Hong Kong mirrored the rally, with spot Bitcoin ETFs from China AMC, Harvest, and Bosera hitting record highs. Ether ETFs also posted gains of around 2%.
The bullish sentiment underscores growing investor confidence as the industry eyes major regulatory breakthroughs in the US.
