Bitcoin was shooting higher on Monday as the House of Representatives prepared to tackle three crypto-related pieces of legislation that would cement Washington’s backing for privately-issued digital currency.

Bitcoin hit a record $120,000 on Monday as US lawmakers prepared to consider a number of bills aimed at creating clearer regulatory frameworks for digital assets. The world’s largest cryptocurrency climbed 2.

Bitcoin has surged past $1,22,000, marking a significant rise driven by bullish investor sentiment and favourable policy developments, with increased institutional inflows highlighting its growing appeal.