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.

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

The price of bitcoin BTCUSD jumped around 3% briefly on Monday, trading as high as $123,166 — a new record for the crypto. After hitting this level, bitcoin cooled slightly, falling below $120,000. Steven Goldstein is based in London and responsible for MarketWatch's coverage of financial markets in Europe,