Bitcoin soared past the US$120,000 mark for the first time on Monday, setting a new all-time high as investors anticipate favorable developments for the cryptocurrency industry.
The rally comes ahead of a key week in Washington, where the US House of Representatives is set to debate a series of bills aimed at establishing a long-awaited regulatory framework for digital assets.
Buoyed by these expectations, Bitcoin reached a fresh peak of US$121,207.55 during the Asian trading session. It was last seen trading 1.5% higher at US$120,856.34.
The push for clearer rules has gained momentum, particularly with support from former President Donald Trump, who has dubbed himself the “crypto president” and urged lawmakers to adopt crypto-friendly policies.
