Bitcoin surpasses $120,000 to record highs ahead of U.S. lawmakers' 'Crypto Week'

Bitcoin extended gains Monday to deed a caller milestone, breaking past $120,000, fueled by a rally successful the cryptocurrency's ETFs.

The terms of the largest cryptocurrency by marketplace capitalization topped $122,600 astatine 1:27 p.m. Singapore time, according to information from Coin Metrics.

The rally has seen bitcoin scope caller highs amid much inflows into bitcoin ETFs. On Thursday, bitcoin ETFs had logged their biggest time of inflows successful 2025 astatine $1.18 billion.

"We judge that Bitcoin's surge is driven by longer-term organization buyers and this volition propel it to $125k successful the adjacent period oregon two," Jeff Mei, main operating serviceman astatine cryptocurrency speech BTSE, said successful a connection sent to CNBC. 

"Trump's commercialized disputes with the likes of the EU, Mexico, and different trading partners could origin dips successful the week ahead, but it's apt that Bitcoin's organization buyers are discounting this hazard and maintaining their positions that Bitcoin volition inactive admit successful the agelong run," helium added.

Bitcoin hits caller highs, passing $120,000

Investors person been anticipating bitcoin to deed caller records this twelvemonth arsenic firm treasuries accelerate their bitcoin buying sprees and U.S. Congress nears the passing of caller crypto legislation.

The U.S. House of Representatives volition begin deliberating connected a series of crypto bills connected Monday successful what has been dubbed 'Crypto Week.' The imaginable laws are aimed astatine providing a clearer regulatory model for the integer plus industry. 

The argumentation had been agelong sought by the industry, and is supported by U.S. President Donald Trump, who has branded himself arsenic a pro-crypto President and is progressive successful respective crypto ventures.

One of the astir important bills nether information is the Genius Act, which could found national guardrails for U.S. dollar-pegged stablecoins and make a pathway for backstage companies to contented integer dollars.

"Long-term holders are locking up supply, portion planetary argumentation clarity — particularly astir stablecoins and crypto authorities — has boosted capitalist assurance and superior inflows," Xu Han, manager of the Liquid Fund astatine HashKey Capital, said successful a connection to CNBC.

Speaking connected CNBC's "Access Middle East," Markus Thielen, CEO of 10x Research, said that helium hopes that the U.S. volition denote a sovereign wealthiness money that could acquisition integer currencies, besides an overhanging origin market.

He noted that firm and organization investors person purchased $15 cardinal successful Bitcoin ETFs implicit the past six to 8 weeks. In contrast, retail investors look to person been connected the sidelines during the latest rally, helium added.

10x Research has a year-end Bitcoin people scope of $140,000 to $160,000, Thielen revealed, but the astir important hazard facing this remains the U.S. Federal Reserve continuing its hawkish argumentation and further involvement complaint hikes owed to tariffs.