Bitcoin hit a record high of over $121,000 in Asian trading on Monday, buoyed by optimism over growing institutional adoption and ahead of a highly anticipated "Crypto Week" in Washington, starting later in the day . The world's largest cryptocurrency last traded up 2.7% at $120,778.8 as of 23:48 ET (03:48 GMT) . It briefly hit a record high of $121,156.4 .
Bitcoin's latest gains came after Japanese hotelier turned Bitcoin treasurer Metaplanet said it acquired an additional 797 Bitcoin to bring its total holdings to 16,352 coins . The firm is the fifth-largest corporate holder of Bitcoin . Bitcoin was on a tear over the past week, fueled by strong ETF inflows and increasing hopes for more crypto-friendly regulation in the United States .
Investor sentiment has been propelled by expectations that the U.S. House of Representatives will debate several landmark crypto bills during "Crypto Week," including the Genius Act, Clarity Act, and the Anti‑CBDC Surveillance State Act . If passed, these measures could establish comprehensive regulatory frameworks governing stablecoins, crypto asset custody, and the broader digital financial ecosystem . Boosting the bullish mood, institutional demand remains robust . U.S. spot bitcoin ETFs have enjoyed record-breaking inflows, and prominent asset managers such as BlackRock and Fidelity continue to expand their crypto holdings .
Crypto-related equities echoed Bitcoin's ascent, with U.S.-listed miners and ETF-linked stocks like Riot Platforms, Mara Holdings, and Strategy showing notable gains last week . The surge was also attributed to a major Chinese regulator holding a strategic session last week to brief local officials on stablecoin and digital currency policy . The Thursday meeting, organized by Shanghai's state asset regulator .
Bitcoin price reached a new all-time high (ATH) of $121,007 on the weekend with high trading volume . The action, which was taken during a 23% jump in daily trading volumes, represents a nearly 3% rise in less than a day, as per CoinMarketCap . Earlier in the day, Bitcoin had been trading at around $ 116,000 before jumping . It is reported that the price surge can be connected to the Strategy of Michael Saylor, which has resumed Bitcoin buying after a short break . Bitcoin is nearly 10% higher on the weekly chart, bringing its market cap to $2.4 trillion .