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Bitcoin hit a record high on Monday amid investors’ optimism that the cryptocurrency may soon have more regulatory certainty with legislation moving through the Republican-led Congress.
Investors on Monday pushed bitcoin above the $120,000 threshold for the first time, touching an all-time high above $123,000 before paring some of those gains and trending closer to $120,000. That brings the cryptocurrency’s year-to-date gains to 28.5%.
Bitcoin’s rise comes ahead of the House of Representatives considering a series of cryptocurrency bills this week that, if passed, could give the digital assets industry a regulatory framework it has long pursued.
Republicans have embraced crypto and digital assets following President Donald Trump’s campaign pledge to make the U.S. the “crypto capital of the world” and a “bitcoin superpower,” with lawmakers in both chambers advancing legislation on the subject.
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The Trump family has also launched business ventures in the crypto and digital assets space, launching World Liberty Financial as well as a meme coin in the past year.
Among the slate of bills that Republicans are set to consider during what they’ve dubbed “crypto week” is the Senate-passed GENIUS Act, which would create federal regulatory rules for dollar-denominated stablecoins.
The GENIUS Act would define a payment stablecoin as a digital asset used for payment or settlement that’s pegged to a fixed monetary value. Additionally, it would establish procedures for firms seeking licenses to issue stablecoins, as well as reserve requirements and regulatory standards for issuers.
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Other bills scheduled to be considered in the House include the Digital Asset Market Clarity Act and the Anti-CBDC Surveillance State Act.
Simon Peters, analyst at eToro, noted in a report by Reuters that the weakness of the U.S. dollar, which is near the lowest level in three years, contributed to bitcoin hitting a record high.
He added that Congress’s consideration of the crypto bills could provide an additional boost to the digital asset’s current run.
“Developments around these pieces of crypto legislation could provide a further tailwind to the current rally. We wait to see,” Peters said.
Reuters contributed to this report.
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