Bitcoin surged to a record high above $120,000 on Monday as institutional investors and corporations fueled a rally in the coin’s ETFs.
The cryptocurrency traded at $121,673.10 at 9:35 a.m. ET, after earlier in the session breaking past $122,000.
The surge comes ahead of the so-called “Crypto Week,” as the US House of Representatives is scheduled to start deliberating on a series of crypto bills on Monday.
Bitcoin surged to a record high above $120,000 on Monday. REUTERS
Members of Congress will be reviewing legislation that aims to create clearer regulatory guidelines around the industry, like the Genius Act, which would create federal guardrails for stablecoins pegged to the US dollar.
President Trump, who has branded himself as a pro-crypto president, is backing the bills.
Retail investors largely took a back seat during this latest rally as institutional investors poured into Bitcoin ETFs, or exchange-traded funds, which notched