SINGAPORE: Bitcoin climbed past the $120,000 mark for the first time on Monday, marking a significant milestone for the world’s leading cryptocurrency as investors anticipate upcoming policy developments favorable to the industry.

Starting Monday, the US House of Representatives is set to discuss several bills aimed at establishing a regulatory framework for digital assets, a long-standing demand from the crypto sector.

US President Donald Trump has expressed support for these efforts, referring to himself as the “crypto president” and urging policymakers to overhaul regulations to benefit the industry.

Expectations of potential positive policy changes contributed to Bitcoin reaching a new record high of $121,207.55 during the Asian trading session on Monday. It was last trading 1.5% higher at $120,856.34.

This rise in Bitcoin, which has increased by 29% so far this year, has also sparked a broader rally across other cryptocurrencies in recent weeks, despite Trump’s unpredictable tariffs.

Ethereum, the second-largest cryptocurrency, reached a five-month high of $3,048.23 on Monday and was recently trading at $3,036.24.

Overall, the total market capitalization of the crypto sector has grown to approximately $3.78 trillion, according to CoinMarketCap data.