Bitcoin Sets New All-Time High At $124,000 As Record-Breaking Surge Continues
Bitcoin has reached a new all-time high of $124,000, driven by the inclusion of cryptocurrency in 401(k) plans and positive macroeconomic indicators. Trading volume surged by 26% to $93.06 billion, with Bitcoin up over 32% this year. The increase follows President Trump's executive order facilitating alternative investments in retirement accounts and a lower-than-expected consumer price index, raising hopes for a Federal Reserve rate cut. Currently, Bitcoin is trading at $124,387.22, reflecting a 3.67% increase in the last 24 hours.
Bitcoin BTC/USD hit a new all-time high of $124,000 overnight on Wednesday, fueled by the inclusion of cryptocurrency investments in 401(k) retirement plans and macroeconomic optimism.
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The Ascent Continues
The apex cryptocurrency outperformed its previous best of $123,091, with trading volume jumping 26% to $93.06 billion in the last 24 hours.
Bitcoin is up over 32% so far this year. The latest spike comes on the heels of President Donald Trump‘s executive order making it easier for alternative investments, including private equity and cryptocurrencies, to be added to 401(k) accounts.
Investors also raised their appetite after July’s consumer price index came in lower than expected, boosting hopes of a Federal Reserve rate cut in September.
Price Action: At the time of writing, BTC was trading at $124,387.22, up 3.67% in the last 24 hours, according to data from Benzinga Pro.
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