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 has surged past $123 000, doubling its value in a year. What factors are driving this remarkable rise, and what does it mean for the future of cryptocurrency?

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.