Bitcoin soared past the $120,000 mark for the first time on Monday, reaching a new milestone as investors anticipated long-awaited regulatory breakthroughs for the digital asset industry in the United States.
The world’s leading cryptocurrency climbed to an all-time high of $121,207.55 during the Asian trading session before slightly retreating to $121,015.42 — still 1.6% higher on the day. The cryptocurrency has now gained 29% in value since the start of the year.
This sharp rally in Bitcoin has fueled broader gains across the crypto market. Ether, the second-largest cryptocurrency, rose to a five-month peak of $3,050.90, while XRP and Solana each added around 3%.
According to Reuters, starting Monday, the U.S. House of Representatives will deliberate on several bills designed to establish a comprehensive regulatory framework for digital assets — a move long advocated by industry stakeholders.
These reforms have found a strong supporter in U.S. President Donald Trump, who has dubbed himself the “crypto president” and urged lawmakers to overhaul regulations to support the industry’s growth.
The combined market capitalization of the crypto sector has now reached approximately $3.78 trillion, based on data from CoinMarketCap.
Earlier this month, Washington designated the week of July 14 as “crypto week,” during which Congress is set to vote on several pivotal legislations — including the Genius Act, the Clarity Act, and the Anti-CBDC Surveillance State Act.
The Genius Act is particularly significant as it aims to establish federal guidelines for stablecoins, a cornerstone of the digital finance ecosystem.
In a parallel trend, crypto-related exchange-traded funds (ETFs) in Hong Kong have also seen record-breaking performance.
Spot Bitcoin ETFs managed by China AMC, Harvest, and Bosera surged to new highs, while their ether-focused counterparts recorded gains of around 2%.