SINGAPORE – Bitcoin soared past the $120,000 mark for the first time on Monday, hitting an all-time high of $122,571.19 before easing slightly to trade around $121,952.61, up 2.4% on the day.
The rally comes amid growing optimism over potential regulatory reforms in the United States that could reshape the digital asset landscape.
Investors are closely watching developments in Washington, where the US House of Representatives is set to debate a suite of bills aimed at establishing a long-awaited regulatory framework for the cryptocurrency sector.
The momentum has also been fueled by recent comments from US President Donald Trump, who has declared himself the “crypto president” and urged lawmakers to overhaul existing regulations to support the industry’s growth.
His administration’s support has injected new confidence into the market, even as global economic uncertainty persists, including disruptions from newly imposed tariffs.
Meanwhile, Ether, the second-largest cryptocurrency by market value, touched its highest level in over five months at $3,059.60.
Bitcoin has risen 29% so far in 2025, as investor sentiment strengthens on the prospect of clearer rules and increased institutional adoption.
“It’s riding a number of tailwinds at the moment,” Reuters quoted IG market analyst Tony Sycamore as having said.
“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,” he said.
