Bitcoin has smashed through the $120,000 milestone for the first time, hitting a record high of $121,207.55 during Asian trading before easing slightly to $121,015.42 – still up 1.6% on the day.

The rally marks a major turning point for the world’s largest cryptocurrency, driven by a combination of investor optimism, regulatory momentum in the U.S., and increasing institutional interest.

This surge comes as the U.S. House of Representatives begins debating a slate of landmark bills aimed at providing long-awaited regulatory clarity for the digital asset industry.

Among the key proposals are the Genius Act, Clarity Act, and Anti-CBDC Surveillance State Act.

Together, they represent the most comprehensive federal approach to crypto regulation in U.S. history, with the Genius Act in particular focused on stablecoin governance.

U.S. President Donald Trump has thrown his weight behind the crypto sector, dubbing himself the “crypto president” and calling for a revamp of existing regulations to favour digital innovation and financial freedom.

Bitcoin is now up 29% year-to-date, driving a broader rally across the crypto market.

Ether, the second-largest token by market cap, surged to $3,050.90 – its highest level in over five months – while other major altcoins like XRP and Solana gained around 3% each.

The total market capitalisation of the cryptocurrency sector now sits at approximately $3.78 trillion, according to CoinMarketCap, reflecting renewed investor confidence.

Hong Kong's crypto ETFs have followed suit, with spot bitcoin funds from China AMC, Harvest, and Bosera all reaching new highs.

Ether-based ETFs managed by the same firms saw gains of around 2%.

Global crypto markets are heating up fast, with regulatory clarity on the horizon and major political figures embracing digital assets, the sector could be entering a transformative phase with real implications for innovation, investment, and financial services both globally and in Ireland.