Bitcoin hit a new high on Thursday in early Asian trading, surpassing $124,000, boosted by encouraging US regulatory reforms and a rally in the country’s stock market.
The cryptocurrency’s value surpassed a record set in July, reaching $124,500 before falling back. US stocks closed higher on Wednesday, with the S&P 500 and Nasdaq indexes hitting new highs this week, also supporting Bitcoin’s surge.
The rise was driven by US regulatory changes under President Donald Trump, a staunch supporter of the crypto sector, with large holders or “whales” increasing their purchases of tokens.
Donald Trump’s latest executive order has the potential to speed up the integration of cryptocurrencies into the country’s financial system and lift additional restrictions, given his and his family’s increasingly active involvement in the sector.
Among the big companies buying large amounts of Bitcoin are Trump Media and Tesla, the electric car manufacturer owned by tech billionaire Elon Musk.
