Bitcoin soared to a new record on Thursday during early Asian trading, breaking past the $124,000 mark as favorable US legislation and strong equity markets fueled investor confidence.
The flagship cryptocurrency climbed above its previous peak set in July, briefly touching $124,500 before experiencing a slight pullback. The rally coincided with a bullish performance on Wall Street, where the S&P 500 and tech-heavy Nasdaq both reached fresh highs earlier in the week, adding momentum to Bitcoin’s rise.
Analysts attribute the surge to recent regulatory shifts in the United States under President Donald Trump, a vocal supporter of the cryptocurrency sector. According to Samer Hasn, Senior Market Analyst at XS.com, “The crypto market is currently benefiting from a period of exceptionally favorable fundamentals.”
Hasn noted that President Trump has rolled back restrictions that previously barred banks from working with companies labeled as reputational risks — a classification that often included crypto-related firms. He added that Trump may further accelerate the integration of digital assets into the US financial system, especially given his and his family’s increasing involvement in the industry.
Institutional activity is also driving the momentum, with major players — often referred to as “whales” — making substantial purchases. High-profile companies such as Trump’s media group and Elon Musk’s Tesla have recently added significant amounts of Bitcoin to their holdings, reinforcing market optimism and propelling prices to historic levels.
