Bitcoin hits new record, topping $124,000

How high will it go? Bitcoin reached a new high this Thursday morning in early Asian trading, surpassing the $124,000 threshold for the first time, driven by rising US stocks, interest from institutional investors, and favorable US legislation. The cryptocurrency star broke its previous record set on July 14 ($123,205), briefly surpassing $124,500 before falling back. At around 02:08 GMT, bitcoin was trading at around $123,600.

US stocks closed sharply higher on Wednesday on the New York Stock Exchange, with the S&P 500 index hitting a new high, as did the tech-heavy Nasdaq, contributing to the rise in cryptocurrency. Bitcoin has been showing strong growth for several months, encouraged in particular by the favorable legislative climate put in place by US President Donald Trump.

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"The cryptocurrency market is benefiting from very favorable fundamentals," Samer Hasn, market analyst at XS.com, recently recalled. On the regulatory front, the last major legal battles waged by the US regulator of the sector are now closed.

Furthermore, "Donald Trump has taken steps to end restrictions that previously prevented banks from doing business with companies flagged for reputational risks, a category in which cryptocurrency companies were often unfairly placed." Donald Trump may also be inclined to accelerate the integration of cryptocurrencies into the national financial system and lift additional restrictions, given his and his family's growing involvement in the sector, Hasn added.