Bullish tailwinds have boosted the world's largest cryptocurrency in the last week. The token's price broke above $120,000 for the first time on Monday.

The price of bitcoin surpassed $122,000 on Monday after surging beyond $120,000 for the first time over the weekend, the latest milestone for the world’s most valuable cryptocurrency as House Republicans stir regulatory optimism among investors.

The value of a single bitcoin surpassed $120,000 early Monday, the latest record price for the digital token that has set multiple all-time highs in recent weeks amid bullishness about developments on Capitol Hill and concerns about inflation and the U.S. dollar's declining value.