Bitcoin, the world’s biggest cryptocurrency, has reached a new all-time high, crossing $124,000 for the first time in early Asian trading on Thursday. It briefly touched $124,500 before slipping slightly. This beats its previous record set in July.
The surge comes after strong gains in US stock markets, with both the S&P 500 and Nasdaq hitting new highs this week. Experts say recent changes in US regulations under President Donald Trump have also fueled the rally. Trump has removed some rules that previously made it harder for banks to work with cryptocurrency companies. Analysts believe he might push to bring cryptocurrencies more into the country’s financial system, especially since he and his family are becoming more involved in the crypto space.
Big investors, known as “whales,” are also driving up prices. Companies like Trump’s media group and Elon Musk’s Tesla have bought large amounts of Bitcoin recently.
Another reason for the rise is growing expectations that the US Federal Reserve will cut interest rates in September. Lower rates usually make riskier assets, like cryptocurrencies, more attractive.
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Ben Kurland, CEO of DYOR, told Bloomberg that this rally is different from past surges. Instead of being led by small retail traders, it’s now driven by large institutional buyers, corporations, and even some governments. ETFs (Exchange-Traded Funds) and steady investment flows are creating a stronger, more stable demand for Bitcoin.
