- Bitcoin climbed above $124,500 during Asian trading, surpassing previous July peak amid favorable US legislation and equity rally
- Analysts credit surge to Trump administration removing banking restrictions on crypto firms and expected deeper financial system integration
Bitcoin hit a fresh record high during early Asian trading on Thursday, climbing above $124,000 on the back of favourable US legislation and a rally in American equities.
The cryptocurrency briefly exceeded $124,500, surpassing its previous July peak before easing slightly.
US stocks closed higher on Wednesday, with the S&P 500 index and the tech-heavy Nasdaq hitting new records this week, helping to drive renewed interest in Bitcoin.
Analysts say the surge is fuelled by recent regulatory changes under US President Donald Trump, a vocal supporter of the crypto sector.
Large-scale holders, known as “whales,” have also been active in boosting the market.
“The crypto market is enjoying a period of highly favourable fundamentals,” said Samer Hasn, senior market analyst at XS.com.
He noted that Trump has removed restrictions that had previously prevented banks from doing business with companies labelled as reputational risks, a category that often included crypto firms.
Trump is also expected to push for deeper integration of cryptocurrencies into the US financial system and relax further regulations, given his and his family’s growing stake in the industry.
Companies such as Trump’s media group and Elon Musk’s Tesla have joined the growing list of firms investing heavily in Bitcoin.