Bitcoin crossed $120,000 for the first time on Monday, reaching a high of $123,153.22 before easing to around $122,000, up 2.4% on the day.
The price rise came ahead of key regulatory discussions in the United States, where lawmakers are expected to vote on a series of bills aimed at shaping a national framework for digital assets.
The U.S. House of Representatives is set to debate the Genius Act, the Clarity Act, and the Anti-CBDC Surveillance State Act. The Genius Act would establish federal rules for stablecoins and is viewed as the most important among the proposed legislation.
Earlier this month, U.S. authorities designated the week of July 14 as “crypto week.”
Investor interest in bitcoin has increased sharply, with its price up 30% since the start of the year. Other cryptocurrencies also moved higher, with ether reaching $3,059.60, its highest level in over five months.
XRP and Solana also gained around 3%. The total market value of digital assets climbed to approximately $3.81 trillion, according to CoinMarketCap.
Asian demand is growing as well, with rising participation from wealth managers and family offices in the region. Some central banks are also exploring bitcoin as a long-term reserve asset.
Crypto-related stocks and exchange-traded funds rose in tandem. In U.S. premarket trading, Coinbase shares rose 1.7%, MicroStrategy climbed 3.3%, and crypto miner Mara Holdings gained 4.6%. In Hong Kong, bitcoin ETFs from China AMC, Harvest, and Bosera reached record highs.
