Bitcoin has once again rewritten the record books. In the quiet hours of early Asian trading this Thursday, the world’s largest cryptocurrency surged past $124,000 — touching $124,502 at its peak — before easing slightly. The rally pushed it beyond its previous record set just a month ago in July.
The spark for this new milestone? A combination of upbeat US legislation, booming stock markets, and the unwavering influence of crypto “whales” — major holders capable of moving markets with big trades.
On Wall Street, US stocks ended Wednesday on a high note, with the S&P 500 and Nasdaq both setting new records earlier this week. That momentum spilled over into the crypto market, feeding investors’ appetite for risk.
Fueling the surge even further are sweeping regulatory changes championed by US President Donald Trump, a vocal supporter of the cryptocurrency sector. Recent policy moves have dismantled restrictions that once made it difficult for banks to work with crypto firms deemed “reputational risks.” For many in the industry, this shift felt like a green light from Washington.
“President Trump’s approach has transformed sentiment in the market,” said Samer Hasn, senior market analyst at XS.com. “By opening doors for banks and hinting at deeper integration of cryptocurrencies into the US financial system, he has created one of the most favorable environments we’ve seen in years.”
Adding to the excitement, big-name players have jumped into the fray. Trump’s own media company and Elon Musk’s Tesla are among the high-profile firms that have recently bought up massive amounts of Bitcoin — moves that signal confidence and help drive momentum higher.
With optimism running high and the political winds blowing in Bitcoin’s favor, some traders believe we may be just at the start of an even bigger ride.
