
VCG
Bitcoin (BTC) crossed the $120,000 level for the first time on Monday, marking a milestone for the world's largest cryptocurrency as investors bet on long-sought policy wins for the industry this week.
Bitcoin scaled a record high of $122,571.19, before pulling back slightly to last trade 2.4 percent higher at $121,952.61.
Later in the day, the U.S. House of Representatives will debate a series of bills to provide the digital asset industry with the nation's regulatory framework it has long demanded.
Those demands have resonated with U.S. President Donald Trump, who has called himself the "crypto president" and urged policymakers to revamp rules in favor of the industry.
"It's riding a number of tailwinds at the moment," said IG market analyst Tony Sycamore, citing strong institutional demand, expectations of further gains and support from Trump as reasons for the bullishness.
"It's been a very, very, strong move over the past six or seven days and it's hard to see where it stops now. It looks like it can easily have a look at the $125,000 level," he said.
The surge in bitcoin, which is up 29 percent for the year so far, has sparked a broader rally across other cryptocurrencies over the past few sessions even in the face of U.S. tariffs.
Ether (ETH), the second-largest token, scaled a more than five-month top of $3,059.60, while Ripple (XRP) and Solana (SOL) gained about 3 percent each.
The sector's total market value has swelled to about $3.81 trillion, according to data from CoinMarketCap.
"What we find interesting and are watching closely are the signs that bitcoin is now being seen as a long-term reserve asset, not just by retail investors and institutions but even some central banks," said Gracie Lin, OKX's Singapore CEO.
"We're also seeing increasing participation from Asia-based investors, including family offices and wealth managers. These are strong signs of bitcoin's role in the global financial system and the structural shift in how it is perceived, suggesting that this isn't just another hype-driven rally," she said.
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