Crypto surge: Bitcoin hits record high, smashing past $124,000; Trump policies, Wall Street rally drive rise
Bitcoin surged to a fresh all-time high in early Asian trade on Thursday, crossing $124,000 for the first time, supported by upbeat US market sentiment and policy changes favouring the cryptocurrency sector.
According to AFP, the world's largest digital asset briefly touched $124,500 before easing back, breaking its previous record set in July. The rally came on the heels of Wall Street gains, with the S&P 500 and the tech-heavy Nasdaq both hitting new highs this week.
Analysts say recent US regulatory shifts under President Donald Trump have played a central role in Bitcoin's rise. Samer Hasn, senior market analyst at XS.com, was quoted as saying by AFP that 'the crypto market is enjoying a period of highly favourable fundamentals' as Trump has rolled back restrictions that had previously discouraged banks from working with crypto firms.
He added that Trump could move to 'accelerate the integration of cryptocurrencies into the national financial system', given his and his family's growing involvement in the sector.
Large institutional buyers, often called 'whales', have added further momentum, with companies like Trump's media group and Elon Musk's Tesla purchasing significant amounts of Bitcoin.
On Wednesday evening in New York, it rose past $123,500, surpassing the July 14 peak of $123,205.12.
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The rally has been supported by expectations of a US interest rate cut in September after inflation data met forecasts, encouraging investors to shift capital from blue-chip stocks into riskier digital assets.
Ben Kurland, CEO at DYOR, was quoted by Bloomberg as saying that moderating inflation, anticipated rate cuts and 'unprecedented institutional participation through ETFs' have created a strong tailwind.
He noted that, unlike previous surges, this one is being driven by structural buying from asset managers, corporates and even sovereign entities, rather than just retail speculation.
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