Bitcoin Brushes $125K as 'Crypto Week' Energizes Market

Bitcoin has surged past the $120,000 mark for the first time, representing a historic milestone for the world's largest cryptocurrency. This rally comes amid 'Crypto Week,' an event championed by U.S. Republicans, with investors gambling on policy victories likely to bolster the cryptocurrency landscape.

The U.S. House of Representatives is expected to deliberate on and pass several crypto-centric bills, potentially providing a regulatory framework that the industry has long pursued. This aligns with former President Trump's supportive stance on crypto, dubbing himself the 'crypto president' and advocating for favorable regulatory reforms.

Meanwhile, broader market enthusiasm has lifted other cryptocurrencies, with the sector's total market value reaching approximately $3.8 trillion. Market analysts suggest that developments stemming from these legislative proceedings could further drive positive momentum in the cryptocurrency market.

(With inputs from agencies.)