Bitcoin surged to an all-time high today as its value surpassed $125,000. The major cryptocurrency hit $125,689, surpassing its previous record set in August of around $124,500.
The rise was supported by positive sentiment in the US market and investor concerns over a possible government shutdown in Washington.
According to a Bloomberg report, gains in the US stock market also strengthened Bitcoin’s upward momentum as investors turned to safe haven assets.
US President Donald Trump and his family have also played a key role in reviving the crypto industry. They are known as staunch supporters of digital currencies and are involved in several crypto-related projects that have reportedly increased the family’s wealth.
Trump’s friendly stance on digital assets has changed the US government’s stance, which was previously more cautious towards the crypto industry during the administration of Democrat Joe Biden.
In July, the US House of Representatives passed three major cryptocurrency-related bills, sending a clear signal to the market of a more open policy towards the sector.
The new regulatory measures have been one of the main factors contributing to the surge in Bitcoin's value over the past few months.
