On Monday, Bitcoin crossed the $120,000 mark for the first time, marking an important milestone for the world's largest cryptocurrency.

According to Reuters.

Bitcoin reached a record high of $122,571.19 before slightly retreating to close at $121,952.61.

This rise occurred as the U.S. House of Representatives is set to discuss several bills aimed at providing the digital asset industry with the regulatory framework it has long sought. These measures have garnered support from U.S. President Donald Trump, who has urged lawmakers to reconsider regulations favoring the industry.

Market analyst Tony Sycamore from IG attributed Bitcoin's rise to strong institutional demand, expectations of further growth, and Trump’s backing.

“It has been a very strong movement over the past six or seven days, and it’s hard to know where it will stop. It seems like it could easily reach the $125,000 level,” he said.

The rise of Bitcoin, which has already increased by 29% this year, has sparked a broader rally in other cryptocurrencies over the past few sessions. Ethereum, the second-largest token, reached a five-month high of $3,059.60, while XRP and Solana rose by approximately 3%.

This month, Washington declared the week starting July 14 as “Crypto Week,” as members of Congress are set to vote on the Genius Act, Clarity Act, and Anti-CBDC Surveillance State Act. The most significant bill is the Genius Act, which will establish federal regulations for stablecoins.

In June, the U.S. Senate passed a bill to create a regulatory framework for cryptocurrency tokens pegged to the U.S. dollar, known as stablecoins, marking a pivotal moment for the digital asset industry.