Bitcoin soared to a new all-time high in early Asian trading on Thursday, briefly surpassing $124,500 before retreating slightly. The surge was driven by favorable US regulatory developments and a broader rally in US equities.
The cryptocurrency’s rise broke its previous record set in July, with bullish sentiment bolstered by gains on Wall Street. Both the S&P 500 and the tech-heavy Nasdaq closed at record highs on Wednesday, further supporting risk-on appetite.
Bitcoin’s recent momentum has been fueled by supportive moves from the administration of US President Donald Trump, a vocal advocate for the crypto industry.
“The crypto market is enjoying a period of highly favorable fundamentals,” said Samer Hasn, senior market analyst at XS.com. “President Trump has moved to lift restrictions that previously barred banks from working with companies flagged for reputational risks — a category that often included crypto firms.”
Hasn added that Trump may seek to further integrate cryptocurrencies into the national financial system and remove additional barriers, especially given the growing involvement of the Trump family in the sector.
Market optimism has also been boosted by aggressive buying from so-called “whales,” or large holders of cryptocurrency. High-profile companies, including Trump’s media group and Tesla — owned by tech billionaire Elon Musk — are among those reportedly increasing their Bitcoin holdings.
The rally reflects renewed institutional interest and a policy environment increasingly favorable to digital assets, signaling a potentially transformative phase for the global crypto market.
AFP
