The world’s biggest digital asset briefly touched $124,500 — beating its previous July peak — before slipping back.
Bitcoin soared to a new all-time high on Thursday during early Asian trading, smashing past $124,000 as US President Donald Trump pushed through sweeping policy changes favourable to the cryptocurrency industry and Wall Street stocks rallied to record levels.
The world’s biggest digital asset briefly touched $124,500 — beating its previous July peak — before slipping back. The surge mirrors gains in US equities, with the S&P 500 and tech-heavy Nasdaq both setting fresh highs on Wednesday, according to The EconomicTimes.
Trump, a vocal supporter of the crypto sector, has in recent weeks dismantled banking restrictions that previously blocked financial institutions from doing business with firms flagged for “reputational risk” — a category that often included cryptocurrency companies.
“The crypto market is enjoying a period of highly favorable fundamentals,” Samer Hasn, senior market analyst at XS.com, told reporters. “President Trump has moved to end restrictions that previously prevented banks from working with crypto firms, which were unfairly targeted in the past.”
Market watchers say Trump’s return to the White House could speed up the integration of Bitcoin and other cryptocurrencies into the US financial system. Hasn suggested the president may go even further in tearing down barriers, given his and his family’s growing ties to the industry.
Among the heavyweight buyers driving up prices are Trump’s media group and Tesla, the electric carmaker owned by billionaire Elon Musk — both of which have made massive Bitcoin purchases in recent months.
Large-scale investors, known as “whales,” have also been accumulating coins, fuelling speculation that Bitcoin could be headed for another explosive run if policy momentum and market confidence continue.
