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Bitcoin reached a new all-time high on Sunday, climbing above the $125,000 mark for the first time.
The world’s largest cryptocurrency surged to $125,689, breaking its previous record of around $124,500 set in August.
Bitcoin’s upward momentum has been fuelled by investor caution over a potential US government shutdown and strong gains in US equities. Many investors have also turned to safe-haven assets while lawmakers in Washington continue negotiations over federal funding, according to Bloomberg News.
US President Donald Trump and his family have played a significant role in driving interest in digital assets. Their active promotion of cryptocurrencies and involvement in various crypto ventures have contributed to an increase in Trump’s wealth and helped boost market sentiment.
Trump’s support for the sector marks a sharp departure from the scepticism seen under his Democratic predecessor, Joe Biden. The US House of Representatives passed three landmark cryptocurrency bills in July, a move widely seen as a regulatory green light that has further fuelled Bitcoin’s rally.
“With many assets — including equities, gold, and even collectibles like Pokémon cards — hitting all-time highs, it’s no surprise Bitcoin is benefiting from the dollar debasement narrative,” said Joshua Lim, co-head of markets at crypto prime brokerage firm FalconX, in comments reported by Bloomberg News.
