Bitcoin has just surpassed the $120,000 mark, reaching an all-time high of $123,153.22 on Monday, according to Reuters.
The world’s largest cryptocurrency hit a new record high before falling slightly, closing up 2.4 per cent at around $122,000.
It marks a milestone for Bitcoin, suggesting growing optimism about cryptocurrency regulation and adoption by institutions.
The record high comes ahead of plans for the US House of Representatives to discuss later on Monday several bills that could establish a clear regulatory framework for digital assets.
President Donald Trump has previously called himself the “cryptocurrency president” and is openly pushing for reforms in favour of the sector.
IG market analyst Tony Sycamore told Reuters that strong institutional demand, expectations of further gains and Trump’s support are driving momentum in the cryptocurrency world.
He added: “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.”
The surge in bitcoin, which has risen 30 per cent so far this year, has triggered a broader rally in other cryptocurrencies, including Ether, XRP and Solana, in an industry with a total market value of around $3.81 trillion, according to data reported by CoinMarketCap.
Gracie Lin, Singapore chief executive at cryptocurrency exchange platform OKX, said the recent Bitcoin surge could mean that bitcoin is now considered a long-term reserve asset, not only by retail investors and institutions, but also by some central banks.
“We’re also seeing increasing participation from Asia-based investors, including family offices and wealth managers,” Lin said. “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.”
