Bitcoin sets new record as crypto markets expect Trump to ease regulations

Some cryptocurrencies, including bitcoin hit record highs on Monday ahead of a debate in Washington over regulatory frameworks for digital assets in the United States.

Bitcoin surpassed US$120,000 for the first time on Monday, marking a milestone for the world’s largest cryptocurrency as investors bet on long-sought policy wins for the industry this week.

Bitcoin scaled a record high of US$123,153.22 before pulling back slightly to trade 2.4 per cent higher around US$122,000.

Later in the day, the U.S. House of Representatives will debate a series of bills to provide the digital asset industry with the nation’s regulatory framework it has long demanded.

Those demands have resonated with U.S. President Donald Trump, who has called himself the “crypto president” and urged policymakers to revamp rules in favor of the industry.

“It’s riding a number of tailwinds at the moment,” said IG market analyst Tony Sycamore, citing strong institutional demand, expectations of further gains and support from Trump as reasons for the optimistic sentiment.

“It’s been a very, very, strong move over the past six or seven days and it’s hard to see where it stops now. It looks like it can easily have a look at the US$125,000 level,” he said.

The surge in bitcoin, which is up 30 per cent so far this year, has sparked a broader rally across other cryptocurrencies over the past few sessions even in the face of Trump’s chaotic tariff policies.

Ether, the second-largest token, scaled a more than five-month peak of US$3,059.60, while XRP and Solana gained about three per cent each.