Bitcoin soared to a new all-time high on Monday, breaking past the US$120,000 mark for the first time in history and briefly touching US$123,153.22 before settling around US$122,000. The milestone rally comes as optimism surges ahead of a crucial week in Washington, where U.S. lawmakers are set to debate long-awaited cryptocurrency regulations.
Investors appear to be placing big bets on what could be a game-changing moment for the digital asset industry. Later today, the U.S. House of Representatives will begin discussions on several bills that could finally provide clear federal rules for crypto markets—a demand the industry has been voicing for years.
Among the most watched is the Genius Act, which proposes a national framework for stablecoins, alongside the Clarity Act and the Anti-CBDC Surveillance State Act. The momentum behind these bills reflects growing political alignment with the crypto sector, bolstered in part by U.S. President Donald Trump’s pro-crypto stance. Trump, who recently dubbed himself the “crypto president,” has called on legislators to adopt policies favorable to the industry.
“It’s riding a number of tailwinds at the moment,” said Tony Sycamore, market analyst at IG. “There’s strong institutional demand, political backing from Trump, and bullish momentum. It’s been an intense move over the past week—and there’s little indication of a slowdown. $125,000 is clearly within sight.”
Bitcoin has surged 30% so far this year, and its rise is pulling the entire digital asset sector upward. Ether reached a five-month high at US$3,059.60, while other major coins like XRP and Solana saw gains of around 3% each. The total crypto market cap has ballooned to nearly US$3.81 trillion, according to CoinMarketCap.
Market participants say this rally feels different from past hype-driven cycles. Gracie Lin, CEO of crypto exchange OKX Singapore, noted a shift in how Bitcoin is viewed globally.
“What we’re watching closely are signs that bitcoin is now being treated as a long-term reserve asset—not just by individual investors and institutions, but even some central banks,” Lin said. “We’re also seeing significant inflows from Asia-based family offices and wealth managers. This points to a structural shift in perception.”
The excitement has spilled over into crypto-related equities and exchange-traded funds. In U.S. premarket trading, Coinbase shares rose 1.7%, crypto-focused firm Strategy gained 3.3%, and miner Mara Holdings jumped 4.6%. Spot bitcoin ETFs in Hong Kong, launched by China AMC, Harvest, and Bosera, also reached record highs.
With “Crypto Week” officially underway in Washington and lawmakers poised to make historic decisions, all eyes are on Capitol Hill—and the crypto markets are responding accordingly.