
Bitcoin Surges To $124,000 Amid US Policy Shift
Bitcoin soared to a new all-time high during early Thursday trading in Asia, briefly topping $124,500 before pulling back slightly. The rally comes on the heels of favorable U.S. legislation and record-breaking performances in American equity markets, with the S&P 500 and Nasdaq both hitting fresh highs this week.
Analysts attribute the surge to recent regulatory reforms under President Donald Trump, who has emerged as a vocal advocate for the cryptocurrency sector.
Among the changes, Trump has lifted restrictions that previously barred banks from working with firms deemed reputational risks, a category that often included crypto companies.
“The crypto market is enjoying a period of highly favourable fundamentals,” said Samer Hasn, senior market analyst at XS.com.
Trump is also expected to push for deeper integration of digital assets into the U.S. financial system, with further regulatory rollbacks anticipated. His administration’s growing involvement in crypto, alongside investments from companies like Trump’s media group and Elon Musk’s Tesla, has added momentum to Bitcoin’s rise.
Market “whales,” or large-scale holders, have also played a key role in driving the rally, signaling strong institutional confidence in the sector’s future.
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