Donald Trump has called himself the "crypto president". Photo: Justin Tallis/AFP/Getty Images via CNN Newsource
Bitcoin crossed the $120,000 (NZ$200,000) level for the first time on Monday, marking a major milestone for the world's largest cryptocurrency as investors bet on long-sought policy wins for the industry this week.
Starting on Monday, the US House of Representatives will debate a series of bills to provide the digital asset industry with the nation's regulatory framework it has long demanded.
Those demands have resonated with US President Donald Trump, who has called himself the "crypto president" and urged policymakers to revamp rules in favor of the industry.
Expectations of further tailwinds for the industry helped propel bitcoin to yet another record high of US$121,207.55 (NZ$201,200) in the Asian session on Monday. It last traded at US$120,856.34 (NZ$200,600).
The surge in bitcoin, which is up 29 percent for the year thus far, has sparked a broader rally across other cryptocurrencies over the past few weeks even in the face of Trump's chaotic tariffs.
Ether, the second-largest token, scaled an over five-month top of US$3,048.23 (NZ$5,060) on Monday and last stood at US$3,036.24 (NZ$5,040).
The sector's total market value has swelled to about US$3.78 trillion (NZ$6.27 trillion), according to data from CoinMarketCap.
- Reuters
