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

This information is reported by Reuters.

Bitcoin reached a record high of 122,571.19 dollars, before slightly retreating and finishing trading at 121,952.61 dollars.

The increase occurred against the backdrop of the U.S. House of Representatives preparing to discuss a number of bills aimed at providing the digital asset industry with a national regulatory framework that it has long demanded. These initiatives have found support from U.S. President Donald Trump, who has dubbed himself the 'crypto president' and called on politicians to revisit rules in favor of the industry.

Market analyst Tony Sycamore from IG attributed the rise in Bitcoin to strong institutional demand, expectations of further growth, and Trump’s backing.

'It has been a very strong move over the last six or seven days, and it's hard to tell where it might stop. It looks like it could easily hit the 125,000 dollar mark,' he said.

The rise in Bitcoin, which has already 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 dollars, while XRP and Solana rose by about 3%.

This month, Washington declared the week starting July 14 as 'Crypto Week,' as members of Congress are expected to vote on the Genius Act, Clarity Act, and Anti-CBDC Surveillance State Act. The most significant bill is the Genius Act, which will create federal rules for stablecoins.

In June, the upper chamber of the U.S. Congress passed a bill establishing a regulatory framework for cryptocurrency tokens pegged to the U.S. dollar, known as stablecoins, marking a turning point for the digital asset industry.