TOKYO: Bitcoin reached an all-time high during early Asian trading on Thursday, climbing above $124,000.
The cryptocurrency briefly surpassed $124,500 before pulling back slightly.
This surge follows a previous peak set in July, signalling renewed bullish momentum.
US stock market gains, including record highs for the S&P 500 and Nasdaq, contributed to Bitcoin’s upward trend.
Recent US regulatory changes under President Donald Trump have further fuelled the rally.
Trump’s administration has eased restrictions on banks dealing with crypto firms, previously flagged for reputational risks.
Samer Hasn, senior market analyst at XS.com, noted the favourable conditions for the crypto market.
“President Donald Trump has moved to end restrictions that previously prevented banks from doing business with companies flagged for reputational risk concerns, a category in which crypto firms were often unfairly placed,“ he said.
Hasn added that Trump may push for deeper crypto integration into the financial system.
The Trump family’s growing involvement in the sector could accelerate further deregulation.
Major corporations, including Trump’s media group and Elon Musk’s Tesla, are increasing their Bitcoin holdings.
Large institutional investors, known as “whales,“ have also driven recent price gains.
The cryptocurrency’s rally reflects broader optimism in digital asset adoption. – AFP