Up to date on: Aug 14, 2025 08:48 am IST
Bitcoin rose above its earlier July record, briefly exceeding $124,500 earlier than retreating.
Bitcoin hit a record high 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 record, briefly exceeding $124,500 earlier than retreating.
US shares ended increased 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 just lately soared, fuelled by US regulatory adjustments underneath US President Donald Trump, a robust backer of the crypto sector.
Its worth has additionally been boosted by massive holders of cryptocurrency, known as “whales”.
“The crypto market is having fun with a interval of extremely favorable fundamentals,” stated Samer Hasn, senior market analyst at XS.com.
“President Donald Trump has moved to finish restrictions that beforehand prevented banks from doing enterprise with firms flagged for reputational danger considerations, a class through which crypto companies have been usually unfairly positioned,” he added.
Trump might also be inclined to “speed up the combination of cryptocurrencies into the nationwide monetary system and carry extra restrictions, given his and his household’s rising involvement within the sector”, Hasn stated.
Trump’s media group and Tesla, the electrical carmaker owned by tech billionaire Elon Musk, are amongst an growing variety of firms shopping for big quantities of bitcoin.
