Bitcoin was shooting higher on Monday as the House of Representatives prepared to tackle three crypto-related pieces of legislation that would cement Washington’s backing for privately-issued digital currency.

Bitcoin breached $120,000 for the first time, with investor enthusiasm showing few signs of dimming as the US House of Representatives prepares to consider key industry

Bitcoin has hit a new all-time high, surpassing $123,000 on Monday. This marks a sharp rise from $108,000 just a week ago.