Bitcoin reached a significant milestone on Monday, surpassing the $120,000 mark for the first time, as it hit a new all-time high of $121,207.55. This surge comes amid growing anticipation surrounding key regulatory discussions for the cryptocurrency sector, with the US House of Representatives set to discuss several bills aimed at establishing a regulatory framework for digital assets.
US President Donald Trump, who has positioned himself as a supporter of the cryptocurrency industry, has been vocal about the need for policy reforms. Trump, who has called himself the “crypto president,” has urged lawmakers to create rules that would benefit the digital asset market.
The positive expectations surrounding these potential policy changes have fueled the latest rally in Bitcoin, pushing the cryptocurrency up by 29% year-to-date. As of Monday, Bitcoin was trading at $120,856.34, up 1.5% from earlier in the day.
The surge in Bitcoin has also lifted other cryptocurrencies. Ether, the second-largest cryptocurrency, reached a five-month high of $3,048.23, before stabilizing at $3,036.24.
Overall, the cryptocurrency market has seen significant growth, with the total market value now reaching approximately $3.78 trillion, according to data from CoinMarketCap.
