By Sumavaya Iqbal 
In a historic leap for the cryptocurrency market, Bitcoin breached the $120,000 mark for the first time, hitting $121,207.55 during the Asian market session on Monday. At last check, the benchmark cryptocurrency hovered at $120,856, with its year-to-date gains reaching nearly 30%.
Much of the market’s recent momentum is being credited to the political shift in the United States, particularly former President Donald Trump’s weekend comments in support of crypto innovation. Speaking at a campaign fundraiser, Trump positioned himself as a forward-thinking ally of digital assets, saying: “America should lead in the crypto space—not fall behind due to outdated policies.”
These remarks come just as the U.S. House of Representatives prepares to debate a legislative package aimed at establishing a clearer regulatory environment for digital assets. If passed, this would address long-standing questions surrounding taxation, stablecoin classification, and securities laws.
Market analysts say that the combination of policy momentum and political alignment is producing a powerful narrative for investors. “There’s confidence that change is not only coming, it’s being welcomed,” said crypto policy expert Ali Hassan.
The bullish sentiment has also benefited Ethereum, which surged to $3,048, its highest point in over five months.
Total market capitalization for digital assets now exceeds $3.78 trillion, according to CoinMarketCap. Notably, this upswing comes in the face of economic headwinds—including global tensions over new trade tariffs proposed by Trump, which have weighed on equities but not dampened crypto enthusiasm.
The pending regulatory debate is expected to dominate headlines in the coming weeks. Experts caution that while no law has been passed yet, even structured debate marks a major step forward for an industry long plagued by ambiguity.