The cryptocurrency has extended its rally as lawmakers consider legislation that would bring digital tokens further into the mainstream.

Blockchain is the technology underpinning all cryptocurrencies, and many related products like non-fungible tokens (NFTs). In essence, it is a virtual spreadsheet on which all the buying and selling of crypto is recorded. They are arranged in blocks linked together in a giant chain - hence the name.

Bitcoin was shooting higher on Monday as the House of Representatives prepared to tackle three crypto-related pieces of legislation that would cement Washington’s backing for privately-issued digital currency.