Bitcoin Notches Record as 'Crypto Week' Starts

Bitcoin's big run continues: The cryptocurrency rose above $120,000 for the first time, climbing to more than $123,000 on Monday morning before falling back, reports Reuters. The rise comes with US lawmakers on the brink of pro-crypto legislation long awaited by the industry, per the AP. In fact, it's been "crypto week" in Congress.

The House begins discussion this week on a package of bills designed to clarify how digital assets are overseen. That would include "stablecoins," or digital coins pegged to a stable currency such as the US dollar. The timing aligns with growing political support, notably from President Trump, who has described himself as the "crypto president" and pressed for regulations more favorable to the sector. Bitcoin has climbed 29% this year, and its momentum has spilled over into the broader market. Ether, the second-largest digital coin, hit its highest price in over five months, climbing above $3,050 before easing back.