Bitcoin hits report excessive above $124,000
Up to date on: Aug 14, 2025 08:48 am IST
Bitcoin rose above its earlier July report, briefly exceeding $124,500 earlier than retreating.
Bitcoin hit a report excessive on Thursday throughout early Asian buying and selling, surpassing $124,000, pushed by beneficial US laws and an increase in US equities.
The cryptocurrency rose above its earlier July report, briefly exceeding $124,500 earlier than retreating.
US shares ended larger Wednesday, with the S&P 500 index and the tech-heavy Nasdaq reaching new heights this week, contributing to the cryptocurrency’s rise.
Bitcoin’s worth has lately soared, fuelled by US regulatory adjustments underneath US President Donald Trump, a robust backer of the crypto sector.
Its value has additionally been boosted by giant holders of cryptocurrency, known as “whales”.
“The crypto market is having fun with a interval of extremely favorable fundamentals,” mentioned Samer Hasn, senior market analyst at XS.com.
“President Donald Trump has moved to finish restrictions that beforehand prevented banks from doing enterprise with corporations flagged for reputational danger issues, a class through which crypto corporations have been typically unfairly positioned,” he added.
Trump might also be inclined to “speed up the mixing of cryptocurrencies into the nationwide monetary system and elevate extra restrictions, given his and his household’s rising involvement within the sector”, Hasn mentioned.
Trump’s media group and Tesla, the electrical carmaker owned by tech billionaire Elon Musk, are amongst an rising variety of corporations shopping for large quantities of bitcoin.
