Bitcoin surpasses $120,000 for first time

SINGAPORE: Bitcoin surpassed the $120,000 mark for the first time on Monday, reaching a significant milestone for the world’s leading cryptocurrency as investors anticipate key policy developments for the industry this week.

Beginning Monday, the US House of Representatives is set to discuss several bills aimed at establishing the long-awaited regulatory framework for the digital asset sector.

Those demands have resonated with US President Donald Trump, who has called himself the "crypto president" and urged policymakers to revamp rules in favor of the industry.

Expectations of further tailwinds for the industry helped propel bitcoin BTC= to yet another record high of $121,207.55 in the Asian session on Monday. It last traded 1.5% higher at $120,856.34.

The surge in bitcoin, which is up 29% for the year thus far, has sparked a broader rally across other cryptocurrencies over the past few weeks even in the face of Trump's chaotic tariffs.

Ether ETH=, the second-largest token, scaled an over five-month top of $3,048.23 on Monday and last stood at $3,036.24.

The sector's total market value has swelled to about $3.78 trillion, according to data from CoinMarketCap.