Bitcoin surged to a new all-time high on Thursday during early Asian trading, climbing past $124,000 amid favourable US legislation and a rally in American equities.
The flagship cryptocurrency briefly touched $124,500, surpassing its previous July peak before easing slightly. The latest rally follows a week of strong momentum in US markets, with both the S&P 500 index and the tech-heavy Nasdaq hitting fresh records on Wednesday.
Market analysts say the bullish sentiment in Bitcoin is being fuelled by a combination of supportive policy signals from Washington and strategic purchases by so-called “crypto whales”—large holders of the digital asset.
“The crypto market is enjoying a period of highly favorable fundamentals,” said Samer Hasn, senior market analyst at XS.com. “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.”
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Since returning to the White House, Trump has emerged as one of the most outspoken US presidents in support of the cryptocurrency sector. Analysts believe he may push for deeper integration of Bitcoin and other cryptocurrencies into the national financial system and roll back additional regulatory barriers.
Trump’s media group and Tesla, owned by billionaire entrepreneur Elon Musk, are among the growing number of companies making substantial Bitcoin acquisitions, further lifting market confidence.
The surge underscores Bitcoin’s transformation from a speculative asset to a major player in global finance, as institutional adoption accelerates and policymakers in the US move towards a friendlier crypto framework.
