Bitcoin hit a new all-time high in early Asian trading on Thursday, surpassing $124,000 as favourable US legislation and a rally in American equities boosted investor confidence. The cryptocurrency briefly climbed past $124,500 before easing slightly, breaking its previous record set in July. The surge comes alongside a strong performance in US markets, with the S&P 500 and Nasdaq both reaching fresh highs this week.
The rally has been fuelled in part by regulatory changes under US President Donald Trump, who has positioned himself as a strong supporter of the crypto sector. Market analysts say recent policy shifts have removed key barriers for cryptocurrency firms, allowing greater integration into the financial system. Large investors, or “whales,” have also played a significant role in driving up demand.
“The crypto market is enjoying a period of highly favorable fundamentals,” said Samer Hasn, senior market analyst at XS.com. He noted that Trump recently moved to end restrictions that prevented banks from doing business with companies deemed reputational risks — a category that often included crypto firms. This decision has opened new avenues for institutional engagement in the sector.
Hasn added that Trump may seek to further accelerate cryptocurrency adoption, given his and his family’s growing involvement in the industry. Such moves could include lifting additional restrictions and formally integrating digital assets into the national financial framework.
Corporate interest in bitcoin has also intensified, with Trump’s media group and Elon Musk’s Tesla among the high-profile companies acquiring substantial amounts of the cryptocurrency. This combination of political backing, institutional participation, and favourable market sentiment has set the stage for bitcoin’s latest record-breaking run.