Bitcoin hit a record high of nearly $123,000 this morning, fueled by a wave of optimism as "Crypto Week" kicked off in the US Congress, where a series of important regulatory bills such as the GENIUS Act and the CLARITY Act were discussed.

With increasing supportive signals from lawmakers and the integration of major banks such as Standard Chartered into institutional trading, Bitcoin's appeal as a primary investment asset has increased.

However, prices retreated to $117,500 during the afternoon session due to profit-taking and a partial fear of overshooting, especially as markets anticipate important economic decisions later this week.