Bitcoin rose to over $120,000 on Monday, breaking the cryptocurrency’s all-time high as Congress considers several pieces of pro-crypto legislation. The digital currency peaked at around $122,600 mid-afternoon Monday before declining to around $116,

Crypto week kicks off on Capitol Hill, with lawmakers set to debate a handful of bills that sources say could have a big impact on the market.

On Tuesday, a dozen conservatives sank a procedural vote to advance three crypto bills, including the GENIUS Act, which would establish a regulatory framework for the $250 billion market for stablecoins, a type of cryptocurrency tied to the value of an asset like the U.S. dollar.

After an earlier setback for the Trump administration when House Republicans failed to advance a key procedural vote on a package of legislation including three crypto measures, President Donald Trump said late Tuesday he has made a deal with Republican members of Congress to advance the legislation on Wednesday.

The crypto industry will take a step closer to going mainstream this week as a series of industry-friendly bills progress through Congress, paving the way for digital assets to potentially be further integrated into traditional finance.

House Republicans are struggling with cryptocurrency legislation that they had expected to pass during what they dubbed “crypto week.”