Bitcoin Hits $120,000 Milestone For The First Time

The world’s largest cryptocurrency, Bitcoin, surpassed the $120,000 milestone for the first time on Monday. Investors continue to bet on the virtual currency and its market performance in the market during the “crypto week,” as the U.S. Congress prepares to debate a series of crypto-related bills in the coming days.

According to Reuters, Bitcoin briefly reached a record high of $122,571.19 before falling 2.4% in the latest trades. The U.S. House of Representatives will soon debate several long-anticipated bills aimed at regulating cryptocurrency within a national framework.

Considering President Donald Trump’s support for the industry—he has even called himself the  “crypto president”—many investors remain optimistic. In January, Trump signed an executive order to develop crypto regulations in the U.S., including measures to foster industry growth.

This week, called the “crypto week” in Washington, the Congress will vote on multiple acts, including the Genius Act—which involves federal rules for stablecoins. This may explain the rising confidence in the crypto market.

“It’s riding a number of tailwinds at the moment,” said Tony Sycamore, IG market analyst, to Reuters. “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.”

Members of Congress will also vote on the Clarity Act—intended to establish a framework for regulating cryptocurrencies—, and the Anti-CBDC Surveillance State Act—which aims to forbid the Federal Reserve from creating a Central Bank Digital Currency (CBDC).

“What we find interesting and are watching closely are the signs that bitcoin is now being seen as a long-term reserve asset, not just by retail investors and institutions but even some central banks,” said Gracie Lin, OKX’s Singapore CEO, to Reuters.

Since November 5, 2024—following Trump’s election—Bitcoin has surged over 60%, reaching a record high of over $82,000 in November, and surpassing the $100,000 benchmark in December. Since January, it has climbed 29%.