As investors bet on long-awaited political wins for the industry this week, Bitcoin surpassed $120,000 for the first time on Monday, marking a major milestone for the world's largest cryptocurrency.

Bitcoin hit an all-time high of $123,153.22 before falling slightly to trade 2.4% higher around $122,000. Later today, the U.S. House of Representatives will debate a series of bills aimed at providing the digital asset industry with the domestic regulatory framework it has long called for. The rise in bitcoin, which has increased by 30% since the start of the year, has triggered a wider rally on other cryptocurrencies over the past few sessions, even in the face of Trump's chaotic pricing policies