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Investing.com -- Shares of crypto-linked companies rose Monday as Bitcoin surged past the $120,000 mark for the first time, driven by optimism around upcoming regulatory developments in Washington.
The world’s largest cryptocurrency hit a record high of $122,838 before easing to trade around $122,160, still up 3.8% on the day. The rally has pushed Bitcoin’s year-to-date gain to 29%.
The surge has pushed crypto-related stocks higher in premarket trading Monday. Riot Platforms (NASDAQ:RIOT) and Strategy (NASDAQ:MSTR) climbed more than 3% each, Marathon Digital Holdings Inc (NASDAQ:MARA) jumped 4.4%, and Coinbase (NASDAQ:COIN) added 1.6% by 09:15 GMT.
Bit Digital, CleanSpark (NASDAQ:CLSK), Hut 8 (NASDAQ:HUT), and Cipher Mining (NASDAQ:CIFR) also advanced between 2.9% and 4.3%.
The sharpest increases were seen in HIVE Digital Technologies (NASDAQ:HIVE) and Bitfarms Ltd (NASDAQ:BITF), which soared 7.4% and 5.6%, respectively. Meanwhile, BlackRock (NYSE:BLK)’s iShares Bitcoin Trust ETF (NASDAQ:IBIT) rose 3.3%.
Bitcoin’s latest surge comes as investors await the U.S. House of Representatives to review several bills aimed at creating a long-awaited regulatory framework for digital assets later in the day. The prospect of progress on crypto legislation has added momentum to the rally.
President Donald Trump has thrown his support behind the sector, calling for more favorable policies toward digital assets.
Earlier in July, U.S. lawmakers designated the week of July 14 as “crypto week,” with Congress preparing to vote on a trio of bills that could reshape the digital asset landscape. The agenda includes the Genius Act, the Clarity Act, and the Anti-CBDC Surveillance State Act.
The centerpiece is the Genius Act, which proposes a federal framework for regulating stablecoins—a key area of focus for policymakers and the broader industry.
Bitcoin’s rally has lifted the broader crypto market, with Ether climbing to its highest level in over five months at $3,052.
Other major tokens like XRP and Solana also posted gains of around 6.5% and 3%, respectively.