Bitcoin has broken above $120,000 for the first time, fueled by investor optimism around upcoming U.S. crypto legislation and strong ETF inflows. The rally comes as the U.S. House begins “Crypto Week,” where lawmakers will debate major bills like the CLARITY Act and GENIUS stablecoin package, aimed at giving the crypto industry clearer rules.
Institutional investors are piling in, with over $2.7 billion flowing into Bitcoin ETFs last week, and open interest in futures hitting record highs. As Bitcoin climbs, other cryptocurrencies like Ether, Chainlink, and Solana are also gaining ground. While some analysts urge caution, others see a strong uptrend fueled by ETF demand and growing political support.