Bitcoin crossed the $120,000 level for the first time on Monday, marking a major milestone for the world's largest cryptocurrency as investors bet on long-sought policy wins for the industry this week.

Bitcoin has reached an all-time high, surpassing $118,000 as a flood of money moves into spot bitcoin ETFs, which have opened up cryptocurrency investing to millions. A soft U.S. dollar and the digital currency friendliness of President Donald Trump's administration has also helped to push the price of bitcoin to unprecedented levels recently.