Bitcoin started the trading week with a price jump to a record high.

The oldest and best-known cryptocurrency has thus accelerated its recent record rally following speculation about a relaxation of trading rules in the US. On Monday, Bitcoin cost around $122,000 on the Bitstamp trading platform, after the price had risen above the $122,600 mark for the first time in the early morning.

With the current price jump, Bitcoin has broken out of a relatively narrow trading range. After the cryptocurrency's sharp rise in the wake of Donald Trump's re-election as US president, the price had been hovering near the $100,000 mark since May.

Trump is considered a promoter of cryptocurrencies, which fueled speculation that regulations on trading in this risky asset class would be relaxed after his re-election. Since Trump's election victory last November, the value of Bitcoin has increased by around three-quarters.

Recently, speculation has intensified in the market that the rules for Bitcoin trading could be relaxed. Analyst Timo Emden of Emden Research pointed to "Crypto Week" in the US in this context. This week, important legislative decisions are scheduled that could shape the crypto market.

The prospect of further regulatory easing in the US is likely to keep risk appetite alive, said expert Emden. "The fact that the US House of Representatives has declared the week of July 14th 'Crypto Week' despite economic crises underscores the high political priority given to Bitcoin and other cryptocurrencies under the leadership of US President Donald Trump," one analysis states.