The price of Bitcoin reached its highest point ever during Asian trading hours on Thursday when it surpassed $124,000 because of US legislative support and positive US stock market performance. The cryptocurrency price reached $124,500 before it dropped slightly while surpassing its July record.
The market rally received support from the S&P 500 and Nasdaq which achieved new peak levels during this week. Bitcoin prices rose because US President Donald Trump showed support for cryptocurrency while his administration removed banking restrictions that previously excluded cryptocurrency companies from working with banks.
The market sentiment has improved because of major institutional and corporate Bitcoin acquisitions while “whales” maintain their position as significant market participants. The bullish momentum in the market has increased because Trump’s media group and Tesla under Elon Musk’s leadership have built substantial Bitcoin reserves.
Market experts predict these developments will speed up the process of cryptocurrency adoption in the US financial system which will lead to broader mainstream acceptance. Bitcoin continues to rise because of supportive policies and increasing institutional interest and strong market fundamentals.
