Bitcoin surpassed the $120,000 milestone for the first time on Monday, reaching a record high of $123,209.00 before settling slightly lower at $122,400.00 — up 2.4% on the day.

The rally comes as U.S. lawmakers prepare to debate key cryptocurrency legislation, fueling investor optimism about regulatory clarity. Several bills — including the Genius Act, Clarity Act, and Anti-CBDC Surveillance State Act — are on the House agenda during a designated “crypto week.” The Genius Act, in particular, is expected to lay the foundation for stablecoin regulation.

Momentum has grown under President Donald Trump’s administration, which has embraced crypto-friendly policies. Trump has referred to himself as the “crypto president,” backing reforms favorable to the digital asset sector.

“This move is being driven by multiple tailwinds,” said Tony Sycamore, a market analyst at IG. “Institutional interest, strong price momentum, and political support are all contributing. The rally over the past week has been impressive, and $125,000 now looks well within reach.”

Bitcoin’s year-to-date gains stand at 29%, sparking a broader crypto market upswing. Ethereum rose to $3,059.60 — its highest level in five months — while XRP and Solana each advanced around 3%.

The total crypto market cap has now grown to approximately $3.81 trillion, according to CoinMarketCap.

Gracie Lin, CEO of OKX Singapore, noted a shift in how Bitcoin is perceived. “We’re seeing signs that Bitcoin is increasingly viewed as a long-term reserve asset — not just by retail and institutional investors, but even by some central banks,” she said. “Participation from Asia-based investors, including family offices and wealth managers, also points to deeper structural adoption.”

The rally has extended globally. In Hong Kong, spot Bitcoin ETFs from China AMC, Harvest, and Bosera reached all-time highs Monday. Their ether ETFs also rose over 2%, reinforcing the sector’s worldwide momentum.