Bitcoin Shatters $120K: Crypto Week Catalysts Drive Surge

Bitcoin broke through the $120,000 barrier on Monday for the first time, marking a significant milestone for the world's most prominent cryptocurrency. Investor enthusiasm is being fueled by the prospect of regulatory progress during the U.S. Republicans' designated "crypto week" as the digital currency peaked at $123,153.22 before settling slightly lower.

The U.S. House of Representatives is preparing to discuss a series of crypto-related bills, potentially establishing a regulatory framework that the industry has long campaigned for. President Donald Trump, a self-proclaimed "crypto president," has expressed strong support for such measures, adding to the market's bullish sentiment.

The surge has ignited broader rallies across cryptocurrencies, including Ether, XRP, and various crypto stocks. Market watchers are closely monitoring legislative developments, notably the Genius Act, which could set federal guidelines for stablecoins, further propelling the crypto market's current upward momentum.

(With inputs from agencies.)