Bitcoin has rocketed through historic highs as the crypto market continues to make record gains.
The leading cryptocurrency reached $120,000, marking both an all-time high and an important landmark for those who believe that bitcoin is undervalued.
It came amid widespread gains across the cryptocurrency market. Bitcoin has gained more than 10 per cent in the last week, but other large digital currencies have gained even more, with ethereum up almost 20 per cent.
The gains coincided with the arrival of “Crypto Week” in the US. That will see US lawmakers debate a set of laws that propose to provide new regulatory frameworks for the cryptocurrency market.
They have been encouraged by Donald Trump, who has lent his support to the market both by promising new legislation and regulatory changes, but also even launching his own digital currencies.
This week’s debates will look at three pieces of legislation, which both look to clarify points of legal uncertainty but also looks to limit the role of the US government in the technology. They include the ‘Anti-CBDC Surveillance State Act’, for instance, which would ban the Federal Reserve from launching its own cryptocurrency – a move that critics argue would limit the privacy features of digital coins.
Bitcoin has seen dramatic gains since the president took office in January. Though its value fell slightly through the spring, it has now almost doubled its value in the last year.
The cryptocurrency market is now worth $3.4 trillion, according to tracking website CoinMarketCap.
