KATHMANDU: Bitcoin hit a record high on Thursday during early Asian trading, surging past $124,000 amid favourable U.S. legislation and a rally in U.S. equities.
The cryptocurrency broke its previous July peak, briefly touching $124,500 before retreating.
On Wednesday, U.S. stocks closed higher, with both the S&P 500 and the tech-heavy Nasdaq reaching fresh records this week, adding momentum to Bitcoin’s climb.
Bitcoin’s recent surge has been driven by U.S. regulatory changes under President Donald Trump, a vocal supporter of the crypto sector. The rally has also been fuelled by so-called “whales” — large cryptocurrency holders making substantial market moves.
“The crypto market is enjoying a period of highly favorable fundamentals,” said Samer Hasn, senior market analyst at XS.com.
Hasn noted that President Trump has moved to remove restrictions that previously prevented banks from working with companies flagged for “reputational risk” — a category where crypto firms were often unfairly included.
He added that Trump may further accelerate cryptocurrency integration into the U.S. financial system and lift additional restrictions, given his and his family’s growing involvement in the sector.
Companies such as Trump’s media group and Elon Musk’s Tesla have recently joined a growing list of major firms purchasing large amounts of Bitcoin.
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