Bitcoin hits record high above $125,000″ />
On Sunday, Bitcoin surged past the $125,000 threshold, setting a new all-time peak.
The digital currency climbed to $125,689, surpassing its previous record from August, which hovered near $124,500.
This impressive rally comes amid investor caution surrounding the potential US government shutdown.
Alongside robust gains in US stock markets, Bitcoin’s ascent has been bolstered as investors seek refuge in alternative assets during ongoing federal funding negotiations, according to Bloomberg News.
Notably, former US President Donald Trump and his family have been vocal advocates for cryptocurrencies, engaging in various blockchain ventures that have contributed to their financial growth.
Trump’s support marks a shift from the prior administration’s more skeptical stance on digital currencies, with significant legislative progress made in July when the US House of Representatives approved three major cryptocurrency bills.
These regulatory advancements have played a key role in propelling Bitcoin’s value upward.
Joshua Lim, co-head of markets at crypto prime brokerage FalconX, told Bloomberg News, “With numerous assets-from stocks and gold to collectibles like vintage comic books-reaching record highs, it’s understandable that Bitcoin is thriving amid concerns over the weakening dollar.”