(CNBC) Bitcoin extended gains Monday to hit a new milestone, breaking past $120,000, fueled by a rally in the cryptocurrencyâs ETFs.
The price of the largest cryptocurrency by market capitalization topped $122,600 at 1:27 p.m. Singapore time, according to data from Coin Metrics.
âWe believe that Bitcoinâs surge is driven by longer-term institutional buyers and this will propel it to $125k in the next month or two,â Jeff Mei, chief operating officer at cryptocurrency exchange BTSE, said in a statement sent to CNBC.
âTrumpâs trade disputes with the likes of the EU, Mexico, and other trading partners could cause dips in the week ahead, but itâs likely that Bitcoinâs institutional buyers are discounting this risk and maintaining their positions that Bitcoin will still appreciate in the long run,â he added.
Investors have been anticipating bitcoin to hit new records this year as corporate treasuries accelerate their bitcoin buying sprees and U.S. Congress nears the passing of new crypto legislation.
The U.S. House of Representatives will begin deliberating on a series of crypto bills on Monday aimed at providing a clearer regulatory framework for the digital asset industry.
The policy had been long sought by the industry, and is supported by U.S. President Donald Trump, who has branded himself as a pro-crypto President and is involved in several crypto ventures.
One of the most significant bills under consideration is the Genius Act, which could establish federal guardrails for U.S. dollar-pegged stablecoins and create a pathway for private companies to issue digital dollars.
