Bitcoin Hits Record $124K Amid U.S. Rally
Bitcoin reached a new milestone on Thursday during early Asian trading, climbing past $124,000. It briefly crossed $124,500 before retreating, surpassing its July peak. The surge was supported by favourable U.S. legislation and a strong rally in U.S. equities. Both the S&P 500 index and the Nasdaq set new records this week, adding momentum to the cryptocurrency’s rise.
Impact of U.S. Policy and Market Sentiment
The recent growth has been fuelled by changes in U.S. regulations under President Donald Trump, a well-known supporter of the crypto sector. Large holders of bitcoin, often called “whales,” have also contributed to the upward momentum. According to Samer Hasn, senior market analyst at XS.com, “The crypto market is enjoying a period of highly favourable fundamentals.”
Trump’s administration recently lifted restrictions that prevented banks from working with companies flagged for reputational risk. Crypto firms were often unfairly targeted under those rules. This move has allowed greater integration of digital assets into the financial system.
Growing Corporate Adoption of Bitcoin
Companies are also playing a significant role in bitcoin’s rally. Trump’s media group and Tesla, owned by billionaire Elon Musk, have purchased large amounts of the cryptocurrency. These moves reflect rising institutional and corporate confidence in digital assets.
Hasn explained further, “President Donald Trump has moved to end restrictions that previously prevented banks from doing business with companies flagged for reputational risk concerns, a category in which crypto firms were often unfairly placed.” He added, “Trump may also be inclined to accelerate the integration of cryptocurrencies into the national financial system and lift additional restrictions, given his and his family’s growing involvement in the sector.”
