Bitcoin surpassed $120,000 for the first time on Monday, marking a milestone for the world's largest cryptocurrency as investors bet on long-sought policy wins for the industry this week.
Bitcoin scaled a record high of $123,153.22 before pulling back slightly to trade 2.4% higher around $122,000.
Later in the day, the US House of Representatives will debate a series of bills to provide the digital asset industry with the nation's regulatory framework it has long demanded. Those demands have resonated with US President Donald Trump, who has called himself the "crypto president" and urged policymakers to revamp rules in favour of the industry.
"It's riding a number of tailwinds at the moment," said IG market analyst Tony Sycamore, citing strong institutional demand, expectations of further gains and support from Trump.
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