On Monday, Bitcoin crossed the $120,000 mark for the first time, marking a significant milestone for the largest cryptocurrency in the world.

According to Reuters, Bitcoin peaked at $122,571.19 before retreating slightly to finish trading at $121,952.61.

This surge occurred as the U.S. House of Representatives is set to discuss several bills aimed at providing a regulatory framework for the digital asset industry. These initiatives have garnered support from U.S. President Donald Trump, who dubbed himself the «crypto president» and urged lawmakers to revise regulations in favor of the industry.

Market analyst Tony Sycamore attributed the Bitcoin rally to strong institutional demand, expectations of further increases, and Trump's backing.

«This has been an incredibly strong movement over the past six or seven days, and it’s difficult to predict where it will stop. It seems likely that it could easily reach the $125,000 level,» he stated.

The rise of Bitcoin, which has increased by 29% this year, has triggered 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 Congress members are set to vote on the Genius Act, Clarity Act, and Anti-CBDC Surveillance State Act. The most significant of these is the Genius Act, which aims to establish federal rules 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.