Bitcoin hits record high above $124,000

Bitcoin

Bitcoin hit a record high on Thursday during early Asian trading, surpassing $124,000, driven by favourable US legislation and a rise in US equities.

The cryptocurrency rose above its previous July record, briefly exceeding $124,500 before retreating.

US stocks ended higher on Wednesday, with the S&P 500 index and the tech-heavy Nasdaq reaching new heights this week, contributing to the cryptocurrency’s rise.

Bitcoin’s value has recently soared, fuelled by US regulatory changes under US President Donald Trump, a strong backer of the crypto sector. Punch