Bitcoin surged past the $120,000 mark for the first time on Monday, setting a new milestone as investors anticipate pivotal regulatory developments in the U.S. The cryptocurrency briefly touched $122,571.19 before stabilizing near $121,952.61, reflecting a 2.4% daily gain.
The rally coincides with a U.S. House of Representatives session to debate bills aimed at establishing a regulatory framework for digital assets—a long-standing demand from the industry. Analysts attribute the bullish momentum to institutional demand, speculative trading, and political support, including from former U.S. President Donald Trump, who recently declared himself a 'crypto president.'
IG market analyst Tony Sycamore noted, 'Bitcoin’s momentum shows no signs of slowing. The $125,000 level is now in sight.' The broader crypto market has followed suit, with Ether hitting a five-month high and Ripple and Solana each gaining 3%.
OKX Singapore CEO Gracie Lin highlighted structural shifts in perception: 'Bitcoin is increasingly viewed as a reserve asset by institutions and even central banks. Asian investors, including family offices, are driving this rally, signaling deeper integration into global finance.'
The sector’s total market value now stands at $3.81 trillion, underscoring its growing influence amid evolving regulations and geopolitical dynamics.
