Bitcoin hits fresh high in Korea amid global rally

Bitcoin prices are shown on a screen at local crypto-currency exchange Bithumb in Seoul, July 14. Yonhap

Bitcoin prices hit an all-time high on a Korean cryptocurrency exchange Monday, in line with global rallies fueled by optimism over long-awaited policy support for the industry.

Bitcoin had been trading at 165.9 million won ($120,113) per unit as of around 3:40 p.m. on the local crypto exchange Upbit, marking its highest price on record.

In the global market, prices of Bitcoin also surpassed the $120,000 level for the first time ever in the day.

Bitcoin has been rallying recently, as the U.S. House of Representatives is set to discuss three high-profile digital asset bills during what lawmakers have dubbed "Crypto Week."

If passed, the bills are expected to give momentum for the Donald Trump administration's pro-cryptocurrency policies, market watchers said.