NEW YORK — Bitcoin vaulted past $120,000 for the first time on Monday, the latest milestone for the world’s largest cryptocurrency as investors bet on long-sought policy wins for the industry this week, which has been dubbed “crypto week” by US Republicans.

Bitcoin rose more than 3 percent to register a record high of $123,153.22 before easing, and was last up 0.5 percent at $119,750.86. The cryptocurrency is now up more than 27 percent on the year.

The US House of Representatives is set to debate and likely pass a series of crypto-related bills this week. The bills could provide the digital asset industry with the nation’s regulatory framework it has long sought.

Those demands have resonated with US President Donald Trump, a Republican who has called himself the “crypto president” and urged policymakers to revamp rules in favour of the industry.

“It’s riding a number of tailwinds at the moment,” said IG market analyst Tony Sycamore, citing institutional demand, expectations of further gains and support from Trump as reasons for the bullishness.

“It’s been a very, very, strong move over the past six or seven days and it’s hard to see where it stops now. It looks like it can easily have a look at the $125,000 level,” he said.

Trump and his family have made a series of forays into cryptocurrencies in the past year, including a new crypto project, World Liberty Financial, and the launch in January of his own meme coin.