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Bitcoin hits $124K on Fed cut hopes
The world's largest crypto-asset by market capitalisation climbed as much as 0.9% to $124,002.49 in early Asia trading, surpassing its previous peak hit in July. On the day, the second-largest crypto token, ether, hit $4,780.04, the highest level since late 2021.
Bitcoin's rally is being powered by increasing certainty of Fed rate cuts, sustained institutional buying and moves by the Trump administration to ease investment in crypto assets, said IG market analyst Tony Sycamore.
"Technically, a sustained break above $125k could propel BTC to $150,000," he wrote in a note.
Bitcoin has risen nearly 32% so far in 2025 on the back of long-sought regulatory wins for the sector following President Donald Trump's return to the White House. Trump has called himself the "crypto president" and his family has made a series of forays into the sector over the past year.
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