Bitcoin shattered previous records on Monday, reaching an unprecedented high of $121,207.55 during the early hours of Asian trading. This marks the first time the world’s leading digital asset has broken the $120,000 barrier, fueled by growing optimism around pending US regulatory reforms and strong political backing from former President Donald Trump.
At the time of writing, Bitcoin is trading around $120,856, registering a year-to-date gain of 29%. Analysts attribute this surge not only to upcoming legislation in the US House of Representatives but also to Trump’s vocal endorsement of the crypto space over the weekend.
Calling himself the “crypto president,” Trump urged Congress to overhaul outdated regulatory structures. His pro-innovation message appears to have resonated with investors and industry leaders alike, injecting new life into what was already a bullish market.
“This kind of political support is a game changer,” said Ali Hassan, a Singapore-based crypto strategist. “It adds legitimacy to an industry that’s been asking for clarity for years.”
The rally isn’t confined to Bitcoin. Ether (ETH), the second-largest crypto by market cap, also climbed to $3,048, its highest since early January, before stabilizing near $3,036.
According to CoinMarketCap, the total crypto market capitalization has surged to $3.78 trillion, reaffirming the sector’s growth even amid broader economic uncertainty and volatile global markets. This includes investor concerns surrounding Trump’s recent tariff threats, which have roiled traditional financial systems.
Traders are now turning their focus to the proposed legislative package that, if passed, could transform the digital asset landscape in the United States. While political consensus is still evolving, even the initiation of these discussions signals a turning point.
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