Bitcoin has surged past the $120,000 mark for the first time, hitting a record high of $122,571.19, as investors anticipate U.S. government support for the crypto industry ahead of key legislative discussions.
The rally comes as the U.S. House of Representatives prepares to debate a set of bills aimed at establishing a regulatory framework for digital assets. Former President Donald Trump, who has branded himself the “crypto president,” has called for a major overhaul of industry rules to favour innovation.
Tony Sycamore, market analyst at IG, said Bitcoin is “riding a number of tailwinds,” adding: “It’s been a very strong move over the past week, and it’s hard to see where it stops now. It looks like it could easily test the $125,000 level.”
Bitcoin is now up 29% year-to-date, fuelling gains across the broader crypto market despite ongoing concerns over Trump’s volatile tariff policies. The total market value of cryptocurrencies has climbed to approximately $3.81 trillion, according to CoinMarketCap.
Bitcoin’s surge past $120,000 has been fuelled by mounting optimism ahead of major regulatory discussions in the US House of Representatives, where lawmakers are set to debate a series of bills aimed at clarifying rules for the digital asset sector — a long-standing demand from crypto advocates.
Adding to the bullish sentiment, President Donald Trump has reiterated his support for the industry, calling himself the “crypto president” and pushing for pro-crypto policies that investors hope will reshape the regulatory landscape.
Analysts cite strong institutional demand and expectations of continued gains, with some predicting bitcoin could soon test the $125,000 mark. The flagship cryptocurrency is now up roughly 29% year-to-date, helping to lift other major digital assets such as Ether, XRP, and Solana. The total market capitalisation of the crypto sector has swelled to around $3.8 trillion.
