Bitcoin surged to a record high above $124,000 during early Asian trading on Thursday, driven by favorable US legislation and a rise in US equities. The cryptocurrency briefly exceeded $124,500 before pulling back, surpassing its previous record set in July. This price increase is attributed to recent US regulatory changes under President Donald Trump, a strong supporter of the crypto sector. Large cryptocurrency holders, known as “whales,” have also contributed to the price boost. According to Samer Hasn, senior market analyst at (link unavailable), the crypto market is currently experiencing highly favorable fundamentals. President Trump’s move to end restrictions on banks doing business with companies flagged for reputational risk concerns has been a significant factor. Hasn also suggests that Trump’s growing involvement in the sector may lead to accelerated integration of cryptocurrencies into the national financial system and the lifting of additional restrictions. The rise in US stocks, with the S&P 500 and Nasdaq reaching new heights, has further contributed to Bitcoin’s surge.
