Bitcoin price hits record high above $123,500 amid crypto rally
Bitcoin briefly traded at $123,512 before easing back to around $121,700.
The world's biggest cryptocurrency is now up more than 6% over the past week, breaking through its previous July peak of just over $120,000.
Read more: Crypto live prices
'Bitcoin's latest rally reflects the blurring lines between crypto and traditional assets, happening faster than institutional adoption timelines predicted,' VOOI CEO and Symbiosis.Finance co-founder Will K said.
'While ETFs brought institutions into bitcoin, retail traders are returning to evolved decentralised platforms that have shed their clunky origins.'
Ethereum (ETH-USD) outpaced bitcoin in percentage gains, jumping 28% over the past seven days to trade above $4,742, inching closer to its November 2021 record of $4,865.
'Ethereum's rally is being driven by strong ETF inflows, institutional accumulation, and a favourable macro backdrop after softer CPI data boosted rate-cut expectations,' Bitfinex head of derivatives Jag Kooner said.
'Traders have rotated back into risk, with bitcoin and ether both seeing renewed long positioning, while options data shows low implied volatility and a build-up in open interest, signalling that markets expect a sharp move ahead but are hedging downside risk.'
The total cryptocurrency market capitalisation now stands at $4.23tn, up 1.9% on Thursday, according to CoinMarketCap data.
The crypto rally comes as US equities closed higher on Wednesday, with the S&P 500 (^GSPC) and Nasdaq (^IXIC) hitting fresh record highs this week. The broader risk-on sentiment has spilled over into digital assets.
Read more: One US law reshaped crypto overnight. Ripple explains why
Bitcoin's surge has been underpinned by a friendlier regulatory climate in Washington. Earlier this month, US president Donald Trump signed an executive order directing federal banking regulators to scrap 'reputational risk' as a factor in supervision, a designation that had often led banks to cut ties with lawful crypto firms.
The move, part of a broader rollback of restrictions critics dubbed 'Operation Choke Point 2.0,' has been coupled with the disbanding of the Justice Department's National Crypto Enforcement Team and new legislation to establish a federal framework for stablecoins.
Industry leaders have said the shift is clearing a path for greater institutional participation in digital assets, adding momentum to bitcoin's rally.
Read more:
Why pension funds are buying bitcoin
What is a spot bitcoin ETF and why has it sparked a crypto rally?
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