• Bitcoin has topped $120,000, setting a new record in the cryptocurrency market.
• The U.S. House of Representatives is debating bills for the digital asset industry.
• Bitcoin is up 29% this year, contributing to a surge in other cryptocurrencies.
• Ether and other tokens are also witnessing significant gains amid this rally.

Bitcoin surpassed the $120,000 mark for the first time on Monday, marking a significant milestone as investors anticipate long-awaited policy changes from the U.S. government. The cryptocurrency reached a record high of $121,207.55 during the Asian session before settling at $120,856.34, a 1.5% increase. This surge is largely fueled by optimism surrounding impending discussions in the U.S. House of Representatives, which will debate several key bills aimed at establishing a regulatory framework for the digital asset industry, according to Reuters and trtglobal.

The push for regulatory clarity has found support from U.S. President Donald Trump, who has expressed his vision for more favorable rules for cryptocurrencies, dubbing himself the "crypto president." Analysts suggest that this has contributed to an overall bullish sentiment in the market, driving Bitcoin’s impressive performance this year, which has seen a 29% increase so far. Ether, the second-largest token, also reached a five-month high of $3,048.23 during the rally, according to India Times and Bangkok Post.

Overall, the total market value of cryptocurrencies has surged to approximately $3.78 trillion, indicating robust growth across the sector, despite uncertainties surrounding economic factors such as Trump's tariffs. This widespread market activity reflects heightened investor confidence and anticipation regarding future regulations, according to Dawn, Reuters, and Bangkok Post.