Bitcoin has surged past the $120,000 (£89,000) level for the first time, with its new record value being attributed to progress in cryptocurrency regulation under Donald Trump.
It was trading at $121,207 early on Monday morning – having doubled in value over the past year on the back of support for digital assets from the president during his second term.
Bitcoin‘s token rivals have also seen a boost on the back of Mr Trump‘s support for the sector.
While new products on Wall Street have made it easier to invest, a lack of global regulation has held back ownership and continued to leave the industry at the mercy of high volatility.
The US House of Representatives is to debate a series of bills this week to provide an American regulatory framework for a market worth almost $3.8trn, according to figures from CoinMarketCap.
Members are set to vote on the Genius Act, which would create federal rules for stablecoins, and two other pieces of legislation.
Mr Trump, who has called himself the “crypto president”, has urged Congress to back the shake-up as part of his efforts for the US to take a lead on digital currencies.
He himself is involved in several crypto ventures, including World Liberty Financial, a platform that his sons Eric and Don Jr run.
Bitcoin’s surge of recent weeks has tracked a broader financial market recovery since mid-April that has seen US stock markets hit record levels.
The rally, market analysts have said, can be attributed to the so-called TACO (Trump always chickens out) trade that followed his decision to delay the implementation of the “liberation day” trade tariffs against trading partners back in early April.
He has since warned dozens of countries, including Canada, Japan, South Korea and the European Union, that higher rates will kick in from 1 August unless a deal can be agreed.
Stock market and crypto values would be likely to face fresh pressure should he follow through on that threat.
